Overview
- METI reported the national average for regular gasoline at 155.70 yen per liter as of Jan. 5, down 2.30 yen from the previous survey and the lowest level since June 2021.
- Market commentary linked the decline to weaker crude prices on expectations of progress in Russia–Ukraine peace negotiations and potential increases in Russian supply.
- The provisional gasoline tax of 25.10 yen per liter was abolished on Dec. 31, and temporary subsidies raised to offset it ended simultaneously, limiting abrupt changes at the pump.
- Retail prices fell in 46 prefectures with Kochi unchanged, with Aichi the lowest at 147.70 yen and Kagoshima the highest at 167.90 yen.
- Other fuels also eased, with diesel at 143.90 yen per liter (down 1.60 yen) and kerosene at 2,181 yen for 18 liters (down 17 yen).