Gasoline price drop for 13 consecutive weeks Low level for the first time in 2 years and 9 months 15:44 on April 22
This week's regular gasoline retail price fell by 1 yen from the previous week to 130.9 yen per liter, the 13th consecutive week of price declines, as the price of crude oil has dropped due to the spread of the new coronavirus. .
According to the Petroleum Information Center, which has been commissioned by the government to survey gasoline prices, the retail price of regular gasoline as of 20th of this month was 130.9 yen, down 1 yen per liter from the previous week.
It has been the lowest level in 2 years and 9 months since July 2017, and the price has dropped for 13 consecutive weeks.
This is because the global economic slowdown due to the spread of the new coronavirus, the demand for crude oil dropped significantly, and the crude oil price remained low.
With regard to crude oil, the oil producing countries agreed on the 12th of this month that they would reduce their daily production by 9.7 million barrels from next month, but the decline in crude oil prices could not be stopped, and recently in the world crude oil market as well. Futures prices are plunging.
The Petroleum Information Center says, "It has been pointed out that the decline in demand for crude oil exceeds the amount of production cuts, so crude oil prices have remained low. It is expected that gasoline prices will continue to decline next week."