Fuel prices in Japan hit the peak for the 3rd time in a month

In Japan, which was affected by the global increase in crude oil prices, fuel prices peaked for the third time in a month. On Monday, it was announced that the average retail price of regular gasoline increased by 1.6 percent compared to the previous week, rising to 167.3 yen per liter. It was noted that the price increase, which continued uninterruptedly during the 8-week period, was reflected in the market as 6 percent. With the latest development, fuel prices, which reached the highest level of the last 7 years twice this month, broke the record of the last 7 years for the 3rd time in a month.
In the statement made this month by the Ministry of Economy, Trade and Industry of Japan, it was recorded that the average selling price of regular gasoline reached 162.10 yen per liter on October 11, the highest level seen since October 2014. It had reached 164.6 yen per head.

It was commented that the price increase was caused by the increasing need as a result of the economic recovery that started after the Covid-19 epidemic. It was also discussed that if the problems in gas supply continued, the possibility of electricity companies to turn to oil for production also caused upward changes in oil prices, which were on the rise.