Business

Japan pump price reaches ¥150 yen for first time in 7 months

JIJI

The average retail price of regular gasoline exceeded ¥150 per liter this week for the first time in about seven months, and is expected to rise further next week amid escalating tensions between the United States and Iran.

The average price rose ¥1.30 from Dec. 23 to ¥150.10 as of Monday, up for the ninth straight week, the Agency for Natural Resources and Energy said Wednesday.

The increase came after a phase-one trade agreement reached between the United States and China mitigated concerns about a slowdown in the global economy.

Pump prices rose in 45 of the nation’s 47 prefectures. Wakayama and Tottori marked the highest increases, at ¥2.60. Prices stayed flat in Kochi and dropped ¥0.40 in Saga.

Crude oil prices have been rising as tensions between Washington and Tehran flared, after a U.S. airstrike killed the head of Iran’s Islamic Revolutionary Guard Corps’ Quds Force last week.

Retail prices of regular gasoline “will remain on an upward trend” next week, said an official at the Oil Information Center, which conducts the price survey for the government agency.

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