The retail price of regular gasoline was 167.4 yen per liter as of the 13th of this month, down 0.2 yen from last week.
According to the Petroleum Information Center, which is commissioned by the government to investigate gasoline prices, the retail price of gasoline has fallen for the second consecutive week.
Crude oil prices have been on a gradual upward trend since the end of last year against the backdrop of expectations for an economic recovery in China.
However, the crude oil price at the beginning of this month, which will be reflected in gasoline prices this week, is expected to slow down as the unemployment rate drops to the lowest level in 53 years in the U.S. employment statistics released on the 3rd of this month, and interest rate hikes continue. Prices have fallen since.
From the 16th, the Ministry of Economy, Trade and Industry will provide a subsidy of 17.3 yen per liter for wholesale gas stations in various places.
Regarding the outlook for the future, the Petroleum Information Center said, ``Recent crude oil prices have turned upward due to Russia's announcement of production cuts, but gasoline prices will continue to remain flat due to government subsidies.''