TOKYO: The average retail price of regular gasoline in Japan is close to its record high of 185.1 yen per liter due to high crude oil prices, a weaker yen and a gradual reduction in state subsidies aimed at lowering pump prices.

The industry ministry said Wednesday that the country’s average pump price as of Monday rose by 1.6 yen from a week before to 181.9 yen per liter, climbing for the 13th consecutive week and marking the highest level since August 2008.

The average price rose in 45 of the country’s 47 prefectures, was flat in Fukushima Prefecture and fell in Aichi Prefecture.

By prefecture, Nagano had the highest price, at 190.4 yen, its highest level since prefecture-by-prefecture data was first released in June 2004. The lowest price was logged in Iwate, at 176.8 yen.

Gasoline subsidies helped push down the national average by 13.6 yen.

The Japanese government has been gradually reducing the subsidy rate since June and is scheduled to end the budget measure at the end of next month. Additional aid measures to be triggered when the gap between the standard price and the expected retail price widens have been in place.

Some ruling coalition lawmakers have called on the government to consider extending measures intended to fight inflation including the gasoline subsidies, as pump prices continue to rise.

The government started providing subsidies in January last year as a temporary step to curb gasoline prices, which soared as economic recovery from the COVID-19 pandemic sent crude oil prices climbing.

Japan has spent some 6 trillion yen on the measure, which has been extended repeatedly following Russia’s invasion of Ukraine and amid a weaker yen.

JIJI Press