Gasoline prices rise for the first time in a week, easing economic activity restrictions

Gasoline prices rise for the first time in a week, easing economic activity restrictions May 20 at 15:20

The national average retail price for regular gasoline this week was 125.5 yen per liter, up 0.7 yen from the previous week to a 16-week high. The reason is that the restriction of economic activity by the new coronavirus has gradually eased in each country, and the price of crude oil is starting to rise.
According to the Petroleum Information Center, which is investigating gasoline prices commissioned by the government, the national average retail price of regular gasoline as of this month rose 0.7 yen per liter to 125.5 yen from the previous week.

It is the first time in 16 weeks that gasoline prices have risen.

This is due to the gradual easing of economic activity due to the spread of the new coronavirus, and the continued decline in crude oil prices.

In addition, major oil-producing countries such as Saudi Arabia and Russia have been cutting production in concert this month, which is believed to have helped to boost the rise in crude oil prices.

“The rise in oil prices is expected to drive up gasoline prices next week,” the Oil Information Center said. However, it is not expected that the new coronavirus will converge, and depending on the situation of the infection in the future, crude oil prices may fall again.”