Japan Pump Price Tops 150 Yen for First Time since December 2014

May 31, 2018

Tokyo- Retail regular gasoline prices in Japan topped 150 yen per liter on average for the first time since December 2014 this week, the Agency for Natural Resources and Energy said Wednesday.

The spike came after refineries raised wholesale prices as crude oil prices have been soaring on worries about potential supply shortfalls from Venezuela and Iran.

There are signs that supply worries will ease in the near term, industry sources said, citing a possible output boost by the Organization of the Petroleum Exporting Countries and an expansion of shale oil production.

Gasoline prices are expected to rise slightly further next week, but will depend on crude oil prices afterwards, an official at the Oil Information Center, which conducts a price survey for the government agency.

The average retail price of regular gasoline as of Monday stood at 151 yen per liter, growing 1.9 yen from a week before in the sixth consecutive week of rise.

Prices rose in all but one of Japan's 47 prefectures. Tottori saw the sharpest increase, with a rise of 3.7 yen. Saga, Fukushima, Kanagawa and Miyagi followed, each posting a gain of 3.1 yen. Only Okinawa saw a decline. Jiji Press