Japan's Gasoline Prices Surge Amid Middle East Tensions

Japan's Ministry of Economy, Trade and Industry announced on Wednesday that the retail price of regular gasoline in Japan has surpassed 160 yen per liter for the first time in three months. According to Jin10, this increase is attributed to the rise in crude oil prices following U.S. and Israeli attacks on Iran. The average price at gas stations rose by 3.3 yen from the previous week to 161.8 yen per liter, marking the fourth consecutive week of price hikes. Gasoline prices have increased across all 47 prefectures in Japan, with Yamagata Prefecture recording the highest price at 170.1 yen per liter, while Aichi Prefecture reported the lowest at 155.6 yen per liter. The effective closure of the Strait of Hormuz, a major oil transportation route, has intensified supply concerns, leading to fluctuations in oil prices. As a result, gasoline prices are expected to continue rising.