On Wednesday, the Japanese government unveiled that the nation’s retail gasoline prices have soared to their loftiest levels in 15 years this week. This marked escalation has been propelled by the ongoing spike in global crude oil prices combined with the phasing out of government subsidies, which were originally introduced to ensure gasoline price stability.
According to Japan’s Ministry of Industry, the average retail price for standard gasoline jumped by 3.6 yen, settling at 180.3 yen per liter. Remarkably, this represents the first time that prices have breached the 180 yen threshold since August of 2008. Notably, this is also the twelfth week in succession that gasoline prices have seen a hike.
Insights from domestic media sources indicate that since January 2022, the Japanese government had extended support to local refineries to cushion the blow from the drastic upticks in gasoline costs. These financial aids had effectively managed to slash the average fuel price by approximately 6 yen.
However, this current surge in gasoline prices is seen as a setback for many households. It’s especially pronounced now, a time when an increasing number of individuals turn to their cars for summer outings and familial visits.
