National average gasoline price at 169.90 yen, subsidy hits record 51 yen
CommodityMacro
The Ministry of Economy, Trade and Industry announced on the 16th that the retail price of regular gasoline per liter stood at a national average of 169.90 yen as of the 14th, down 10 sen from the previous week. The subsidy that keeps prices around 170 yen is having a major effect. The subsidy, decided based on the projected price for the following week, will rise to a record 51 yen from the 17th. Reflecting recent high crude oil prices, the subsidy amount is up from 36 yen through the 16th, surpassing the previous record of 49.80 yen set in early April. Because no survey will be conducted next week due to the holiday period, payments at the record level will continue through the 30th.
