The Ministry of Economy, Trade and Industry of Japan announced on July 10th that the nationwide average retail price of regular gasoline as of July 8th was 176 yen 20 sen per liter, up 60 sen from the previous week's survey. This marks the highest price in about nine months since October 2023, with prices rising for three consecutive weeks. Analysts attribute this surge to the government's subsidy program for oil companies, which has effectively suppressed gasoline prices by 27 yen. Of the 37 prefectures in Japan, gasoline prices rose in 37, while they fell in seven. Three prefectures remained unchanged from the previous week. Diesel fuel rose by 60 sen to 155 yen 80 sen per liter, while kerosene rose by 5 yen per 18 liters (one standard tank) to 2,120 yen.

Gasoline prices in Japan have been steadily rising, with the nationwide average price reaching 154 yen per liter as of July 5th. This marks an eight-week consecutive increase since mid-May. Many gas stations raised prices at the beginning of July, and further price increases are expected in the statistical report to be released in the second week of July.

Gasoline prices reached 127.3 yen per liter on July 7th, 2020, and remained around 130 yen throughout the year. However, prices began to climb again at the start of 2021. The spread of COVID-19 vaccine vaccinations globally fueled optimism about economic recovery, leading to a rise in crude oil prices and subsequently impacting gasoline prices.

Gasoline prices stabilized in the 147 yen range in April 2024 but began to rise again after the Golden Week holiday in May, currently hovering around 154 yen. This price increase is expected to continue for the foreseeable future. The current gasoline price is likely to break the record high of 156.9 yen recorded on October 24th, 2018, after a period of about two years and nine months. The surge in gasoline prices in 2018 was primarily attributed to the continued coordinated production cuts by OPEC member and non-member countries, as well as the re-imposition of economic sanctions by the then US President Trump on Iran, banning global imports of Iranian crude oil.

Following the COVID-19 pandemic, crude oil price fluctuations have been heavily influenced by the global COVID-19 infection situation. Recently, the global expansion of vaccination has led to the resumption of economic activities, resulting in a sharp increase in crude oil prices. On July 6th, crude oil prices reached $76.98 per barrel, marking the highest level in six years and eight months since November 2014. The main reason for this surge in crude oil prices is the failure of OPEC+ (comprising OPEC members and non-member countries, including Russia) to reach an agreement on reducing the scale of production cuts, making an increase in market supply difficult to anticipate.

Future fluctuations in crude oil prices are expected to significantly impact gasoline prices, necessitating ongoing attention. During periods of rising gasoline prices, it is essential to pay attention to discount offers provided by gas stations. You can utilize various discount information, such as gas station price information sites like gogo.gs, gas stations that issue coupons through their LINE accounts, gas stations that offer discounts using oil company-affiliated credit cards, and gas stations that announce price hikes in advance through social media. Following such accounts can be helpful.

Another good approach is to refer to the 'Average Gasoline Price Ranking by Prefecture' provided by gogo.gs to check if the prices at your regular gas station are high. Gasoline prices vary by region, making it economically advantageous to choose a gas station based on the average price for your area.