Japan's gasoline price hits highest level since 2008

The average retail price of regular gasoline in Japan rose to 165.1 yen (about 1.62 dollars) per liter, its highest level since September 2008, local media reported Friday. According to Oil Information Center at the Ministry of Economy, Trade and Industry, the average gasoline price this week was up 0. 30 yen from the previous week, closing to its highest level on September 29, 2008, when it was 170.2 yen per liter. The consumption tax hike from 5 percent to 8 percent on April 1 led the price to rise sharply to 164.1 yen in the first week of April from 159.0 yen the previous week. Besides this, the agency also attributed the rise to retail price hikes during Japan's Golden Week holidays. The average retail price of high-octane gasoline rose 0.40 yen to 176.00 yen per liter and that of gas oil was up 0.30 yen at 143. 50 yen a liter.