Japan’s average gas prices hike to record high

The average retail gasoline price in Japan climbed to a record high level by rising for the 15th consecutive week, industry ministry data showed Wednesday.

The national average price for regular gasoline as of Monday rose 1.9 yen from a week earlier to 185.6 yen (1.3 U.S. dollars) per liter, the highest level since comparable data became available in 1990, according to the Ministry of Economy, Trade and Industry.

The hike came amid a weaker yen, higher crude oil prices and the Japanese government’s gradual downsizing of its subsidies to push down gasoline prices from June.

Also on Wednesday, Japan’s ruling Liberal Democratic Party drew up proposals to extend subsidies for oil wholesalers as well as subsidies for electricity and gas beyond September, in response to the prime minister’s instructions to further curb regular gasoline prices.

Previously, the Japanese government planned to halt the subsidy program, designed to curb the impact of a surge in gasoline and other fuel prices, at the end of September, which would further affect households amid surging inflation.


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