Japan Average Pump Price Falls to 170.20 Yen as Subsidies Resume

Tokyo, April 1 (Jiji Press)–The average retail price of regular gasoline in Japan fell by 7.50 yen from a week earlier to 170.20 yen per liter as of Monday, the industry ministry said Wednesday. After hitting a record high of 190.80 yen on March 16 amid escalating tensions in the Middle East, the average pump price marked a second consecutive weekly drop, supported by the government’s reinstated subsidies aimed at easing the impact of rising crude oil costs. The gasoline price is now close to the government’s goal of about 170 yen per liter. Prices had surged following the U.S.-Israeli attacks on Iran and the effective blockade of the Strait of Hormuz, a critical oil transport waterway. The government began providing subsidies to oil wholesalers starting with shipments on March 19, saying that the support would be reflected in retail prices within one to two weeks. END [Copyright The Jiji Press, Ltd.]