The nationwide average retail price of regular gasoline this week was 169.1 yen per liter, falling for the third consecutive week.
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 3rd was 169.1 yen per liter on average nationwide, down 0.4 yen from last week.
It's been 3 consecutive weeks of declines.
The main reason for this is that crude oil prices have fallen against the backdrop of China's so-called "zero corona" policy and concerns that the economy will slow down due to a drop in consumption due to a series of interest rate hikes by central banks in Europe and the United States.
From the 6th, the Ministry of Economy, Trade and Industry will provide a subsidy of 33.8 yen per liter for wholesale gas stations in various places.
Regarding the outlook for the future, the Petroleum Information Center said, ``We expect gasoline prices to fall next week due to the effects of government subsidies in addition to the downward trend in crude oil prices.''