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WORLD

Japan Average Gasoline Price Up 6th Week; Pace of Rise Slows

14.08.2013 [23:09]
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Baku, August 14 (AZERTAC). The average price of regular gasoline in Japan this week rose to Y160.2 ($1.63) per liter, or $6.19 per gallon, up slightly from Y160.1 last week, posting the sixth straight weekly rise and remaining the highest in over four years, data from the Agency for Natural Resources and Energy showed on Wednesday.

Higher crude oil prices and the weaker yen have pushed up refined petroleum product prices but the pace of increase this week was much slower than the recent week-on-week gains of around Y2.

The average retail price this week was 13.6% above the Y141.0 per liter price seen a year earlier, the 14th straight week of year-on-year increases, following a 14.7% gain in the previous week.

It was the highest since Y161.6 recorded on Oct. 14, 2008.

Until early June this year, the price of gasoline had marked week-to-week drops for about three months, following a three-month uptrend through late February.

Last year, the average regular gasoline price peaked at Y158.3 in the week that began on April 2, 2012, the highest in three and a half years. But it was well below a record high of Y185.1 hit on Aug. 4, 2008.

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