Photo by Engin Akyurt on Pexels.com
The average price of regular gasoline in Japan declined over the past week, reflecting the impact of renewed government support aimed at easing fuel costs.
Data released Wednesday by the Ministry of Economy, Trade and Industry showed pump prices dropped by 7.50 yen to 170.20 yen per liter as of Monday.
This marked a second straight weekly decrease after prices previously climbed to a record 190.80 yen per liter in mid-March.
Officials said the recent easing brought fuel costs closer to the government’s target level of around 170 yen per liter.
The earlier spike had been driven by heightened tensions in the Middle East, which disrupted oil supply expectations and pushed global crude prices higher.
Concerns intensified following joint military actions by the United States and Israel against Iran, along with restrictions affecting the Strait of Hormuz, a vital route for global oil shipments.
To cushion the impact, the government resumed subsidies for oil distributors, covering fuel shipments starting March 19.
Authorities said the financial support was expected to translate into lower retail prices within one to two weeks, helping stabilize costs for consumers.