The average retail gasoline price in Japan climbed to a new high in 15 years by rising for the 14th consecutive week, industry ministry data showed Wednesday.
The national average price for regular gasoline as of Monday rose 1.8 yen from a week earlier to 183.70 yen per liter as of Monday, hitting its highest level since August 2008, according to the Ministry of Economy, Trade and Industry, Xinhua news agency reported.
The hike came amid a weaker yen and the Japanese government’s gradual downsizing of its subsidies to push down gasoline prices from June.
Prices are expected to further increase and affect households if the government halts the subsidy program, designed to curb the impact of a surge in gasoline and other fuel prices, at the end of September as planned.
Prime Minister Fumio Kishida met with the ruling Liberal Democratic Party’s policy chief Koichi Hagiuda on Tuesday, urging more measures to alleviate the impact of high fuel costs.
The industry ministry, meanwhile, forecasts the price of regular gasoline to set a new record high next Monday, even while subsidies remain in place. (One U.S. dollar equals 145.79 Japanese yen)