TOKYO, Aug. 30 (Xinhua) — The common retail gasoline worth in Japan climbed to a report excessive stage by rising for the fifteenth consecutive week, trade ministry knowledge confirmed Wednesday.
The nationwide common worth for normal gasoline as of Monday rose 1.9 yen from per week earlier to 185.6 yen (1.3 U.S. {dollars}) per liter, the best stage since comparable knowledge turned obtainable in 1990, in response to the Ministry of Economy, Trade and Industry.
The hike got here amid a weaker yen, greater crude oil costs and the Japanese authorities’s gradual downsizing of its subsidies to push down gasoline costs from June.
Also on Wednesday, Japan’s ruling Liberal Democratic Party drew up proposals to increase subsidies for oil wholesalers in addition to subsidies for electrical energy and gasoline past September, in response to the prime minister’s directions to additional curb common gasoline costs.
Previously, the Japanese authorities deliberate to halt the subsidy program, designed to curb the influence of a surge in gasoline and different gas costs, on the finish of September, which might additional have an effect on households amid surging inflation.