Gas prices rise for 10th straight week

Kyodo

The average retail price of regular gasoline rose for the 10th consecutive week, standing at ¥153.80 per liter as of Tuesday, up ¥2.10 from a week earlier.

An upward trend in the Dubai crude oil market and the yen’s recent weakness were the main factors behind the price rise, according to data released Thursday by the Agency for Natural Resources and Energy.

It was the first time since Feb. 7, 2011, that the price has risen for 10 straight weeks. Gasoline has gone up ¥8.30 in the last 10 weeks.

The average price of kerosene was up for the 11th week, rising ¥18 to ¥1,821 per 18-liter can, the highest level in four years and three months. Kerosene has risen ¥193 in the past 11 weeks.

Mizuho Research Institute, which conducted the survey for the agency, indicated the price rises may continue for a while. “The yen’s decline was so rapid, so it hasn’t been fully factored into the retail prices,” it said.