Tokyo, June 29 (Jiji Press)–The average retail price of regular gasoline in Japan as of Monday grew 1 yen from a week before to 174.9 yen per liter, up for the fourth straight week, the industry ministry said Wednesday.
Lower international crude oil prices led to a fall in wholesale gasoline prices in Japan, but the drop was not reflected in retail prices yet.
The average pump price rose in 44 of the country’s 47 prefectures, while dropping in Kyoto and Aichi and standing flat in Shimane. The highest price was 183.9 yen in Nagano.
Crude oil prices are on a declining trend on concerns over a recession following monetary policy tightening by U.S. and European central banks.
The ministry will reduce its subsidies paid to oil distributors to curb retail gasoline prices to 38.4 yen per liter, effective from Thursday.
Pump prices are expected to turn lower next week, according to the Oil Information Center, which conducts the weekly price survey on behalf of the ministry.