Baku, October 14, AZERTAC
The average retail gasoline price in Japan climbed to its highest level in seven years earlier this week, reflecting a recent global surge in crude oil prices, the Ministry of Economy, Trade and Industry said Wednesday, according to Kyodo News.
The average price for regular gasoline stood at 162.10 yen ($1.4) per liter as of Monday, advancing 2.10 yen from Oct. 4 and hitting its highest level since October 2014, according to the ministry.
The rise is expected to deal a blow to household spending in Japan amid speculation that domestic travel will increase after the latest COVID-19 state of emergency through Sept. 30.
Gasoline prices are projected to continue rising through next week, according to the Oil Information Center, which expects crude oil prices to remain high and influence retail prices.
The surge in crude oil prices over the past few weeks has raised fears over increasing inflation and stirred uncertainty over the global economy.
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