Gasoline prices hit record high in Japan

Tokyo, Aug 30 (EFE).- The average retail price of regular gasoline in Japan has surged to 185.60 yen ($1.27) per liter, marking its highest level in more than three decades, the country’s ministry of economy and trade said on Wednesday.

Gasoline prices have been on the rise for the 15th consecutive week in Japan, mainly due to rising global oil prices and a weaker yen.

As of Monday, the average price for regular gasoline reached 185.60 yen ($1.27) per liter, marking a 1.90 yen increase from the previous week and the highest since data collection began in 1990.

The previous record, set in August 2008, was 185.10 yen per liter.

The prices may continue their upward trajectory as the government’s oil subsidy program to wholesalers- which was introduced in January 2022 to mitigate price increases- is set to expire at the end of September.

However, the Japanese government announced on Wednesday that it is considering extending the oil subsidies to wholesalers to maintain gasoline prices around 168 yen per liter and to alleviate the impact of the high prices on households and business.

The global oil prices sharply increased following Russia’s invasion of Ukraine in February 2022 and were exacerbated by significant production cuts by major world producers, including Saudi Arabia, from where Japan imports a significant portion of its oil. EFE

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