By KENJI IZAWA/ Staff Writer
August 30, 2023 at 18:09 JST
This sign at a Tokyo gas station on Aug. 29 lists the price of regular gasoline at 187 yen per liter. (Shiki Iwasawa)
A weak yen and a gradual reduction in government subsidies has led to record high prices of regular gasoline at pumps across Japan.
The ministry of trade and industry announced on Aug. 30 that the average price of regular gasoline at gasoline stands around the nation was 185.6 yen ($1.27) per liter, an increase of 1.9 yen from the previous week.
That price exceeded the previous record of 185.1 yen set in August 2008.
Gasoline prices have now increased for 15 consecutive weeks.
Government and ruling coalition officials are discussing revisions to a government subsidy program for gasoline that is currently set to end in September.
The government began its subsidy program in January 2022 as fuel prices surged around the world. But with petroleum prices stabilizing, the subsidies have been gradually reduced this year.
However, the weakening yen in recent months has caused petroleum prices in Japan to remain high even through global petroleum prices may be falling.
The government and ruling coalition are considering extending the gasoline subsidy program until the end of the year to keep the price of regular gasoline under 180 yen per liter.
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