Japan Average Pump Price Highest in Over 3 Years

May 24, 2018

Tokyo- The average retail price of regular gasoline in Japan has hit the highest level in three years and five months, the Agency for Natural Resources and Energy said Wednesday.

The average price as of Monday rose 2.0 yen from a week before to 149.1 yen per liter, up for the fifth straight week.

The rise reflected increasing market prices due to heightened tensions over Iran after the recent U.S. pullout from the 2015 Iran nuclear deal.

Average retail gasoline prices rose in all of the country's 47 prefectures but one. Kyoto saw the biggest increase with a 3.6 yen rise, followed by Oita with 3.4 yen and Okinawa with 3.3 yen. Price rises of at least 2 yen were seen in 22 prefectures.

The only exception was Kochi, where the average price was unchanged.

"Retail gasoline prices are likely to rise further next week, as crude oil prices remain high," said an official of the Oil Information Center, which conducts the survey for the government agency. Jiji Press