Average gasoline pump price hits new high in Japan

Japan's retail gasoline price averaged 143.90 yen (about 1.24 U.S. dollars) per liter around the nation as of Monday, posting a new record high, the Oil Information Center said Wednesday.

The pump price, up 0.10 yen from a week earlier, is the highest since the center began compiling data in 1987.

According to the center, retailers are watching the moves of competitors to decide whether to raise or lower prices. Retail prices have been on the rise as wholesalers significantly raised their charges to reflect higher crude oil and other costs in late July.

The average retail price of premium high-octane gasoline was up 0.10 yen from a week earlier to 154.90 yen (1.33 dollars) Monday, while that of diesel oil came to 120.20 yen (1.03 dollars), up 0. 10 yen.

Source: Xinhua