Japan gasoline prices climb past 160 yen amid oil concerns

gasoline pumps in close up photography

Photo by Engin Akyurt on Pexels.com

Retail prices of regular gasoline in Japan rose above 160 yen per liter on average as of Monday, the industry ministry reported Wednesday.

The average pump price reached 161.8 yen per liter, up 3.3 yen from the previous week. The increase marked the fourth straight weekly rise.

Officials said the price movement reflected higher crude oil costs linked to tensions in the Middle East following attacks involving the United States and Israel against Iran.

The ministry reported that gasoline prices increased across all 47 prefectures in the country during the latest monitoring period.

Yamagata recorded the highest average price at 170.1 yen per liter, while Aichi posted the lowest at 155.6 yen.

Authorities said market conditions remained uncertain as global oil prices reacted to geopolitical developments.

Concerns over supply also grew after the Strait of Hormuz, a major route for oil shipments, was effectively closed.

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