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Japan's common gasoline costs hit 15-year excessive

TOKYO, Aug. 23 (Xinhua) — The common retail gasoline value in Japan climbed to a brand new excessive in 15 years by rising for the 14th consecutive week, business ministry information confirmed Wednesday.

The nationwide common value for normal gasoline as of Monday rose 1.8 yen from per week earlier to 183.70 yen per liter as of Monday, hitting its highest stage since August 2008, in accordance with the Ministry of Economy, Trade and Industry.

The hike got here amid a weaker yen and the Japanese authorities’s gradual downsizing of its subsidies to push down gasoline costs from June.

Prices are anticipated to additional enhance and have an effect on households if the federal government halts the subsidy program, designed to curb the impression of a surge in gasoline and different gas costs, on the finish of September as deliberate.

Prime Minister Fumio Kishida met with the ruling Liberal Democratic Party’s coverage chief Koichi Hagiuda on Tuesday, urging extra measures to alleviate the impression of excessive gas prices.

The business ministry, in the meantime, forecasts the worth of normal gasoline to set a brand new report excessive subsequent Monday, even whereas subsidies stay in place. (One U.S. dollar equals 145.79 Japanese yen)