Japan's Gasoline Prices Hit Record High Amid Crude Oil Market Volatility

The average price of regular gasoline in Japan has reached 170.20 yen per liter, according to a recent survey by the Oil Information Center (Tokyo). This marks an increase of 0.30 yen from the previous survey on October 14th.

The rise is attributed to persistently high crude oil prices, which have led to government subsidies being set at 50.70 yen per liter for the period of October 1st through October 7th. This is the second-highest level after a record 51 yen in the previous round.

Oita Prefecture had the highest price among all prefectures, reaching 172.80 yen, up 0.20 yen from two weeks earlier.

The Oil Information Center noted that the long holiday period led to wider price fluctuations in some regions due to varying sales strategies among retailers.