  |
Gasoline prices hit new record in Japan
AFP
TOKYO
Petroleumworld.com 08 09 06
The price of gasoline at the pump in Japan hit a new record amid concern about the Middle East, topping the level in 1990 in the run-up to the first Gulf War, the government said Wednesday.
The average price of regular gasoline in Asia's largest economy stood Monday at 143.7 yen (1.25 dollars) per liter (0.26 gallons), up more than six yen from the previous week, according to the Oil Information Center.
The price exceeded the earlier record of 142 yen in November 1990 just before the Gulf War which ousted Iraqi invaders from oil-rich Kuwait, said the center, an affiliate of Japan's trade ministry.
Gas prices have gone up six straight weeks, with oil distributors hiking wholesale prices by between four and six yen on August 1 due to high crude prices, it said.
"Oil prices change depending on the weather, but considering the Middle East factor, the largest driver in boosting prices, it may go up even higher in September," said center official Tadashi Maekawa.
Usually, gas stations keep prices unchanged ahead of the high-demand summer vacation season. But they appear to have passed on higher costs to consumers because oil distributors have been moving to hike wholesale prices.
Global crude oil prices have recently shot up as Israel clashes with the Lebanese Shiite militia Hezbollah and UK energy giant BP scrambles to fix its oil operations in Alaska.
AFP 09 0741 GMT 08 06
Copyright ©2006 AFP. All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels