The retail price of regular gasoline this week was 173.5 yen per liter on average nationwide, down 0.5 yen from last week.
Although it has fallen for the second straight week, it is still at a high level of over 170 yen.
According to the Petroleum Information Center, which is commissioned by the government to investigate gasoline prices, the retail price of regular gasoline as of the 18th was 173.5 yen per liter on average, down 0.5 yen from last week.
The price has fallen for the second straight week, and the Ministry of Economy, Trade and Industry says that the retail price was suppressed by 18.8 yen by subsidies to oil wholesale companies, but it still exceeds 170 yen, the highest level since 2008.
Regarding the future outlook, the Oil Information Center said, "Due to the effect of government subsidies, prices are expected to continue to decline next week."
On the other hand, "Crude oil prices are currently on the rise due to concerns that Russia's supply of crude oil will be stagnant as economic sanctions are being tightened on Russia, especially in Europe and the United States, over the situation in Ukraine. The outlook is uncertain as the yen weakens and the dollar strengthens in the market, crude oil procurement costs remain high, and retail prices may start to rise again. "