TOKYO, May 29 (Xinhua) -- The average retail price of regular gasoline in Japan has dropped below 180 yen (about 1.24 U.S. dollars) per liter to hit a five-month low, reflecting revamped government subsidies to oil wholesalers, according to the industry ministry.
Pump prices at gasoline stands around the nation averaged 177.6 yen per liter as of Monday, down 4.5 yen from the previous week, marking the lowest level since Dec. 16 last year, industry ministry data showed Wednesday.
All 47 prefectures of the country logged drops in average prices, with Okayama seeing the biggest week-on-week decline of 10.6 yen and Okinawa the smallest drop of 1.6 yen, the data showed.
On May 22, the Japanese government started a new gasoline subsidy program to cope with the rise in household living costs, aiming to cut the prices of gasoline by 10 yen per liter by mid-June.
The government provided a subsidy of 7.4 per liter of gasoline in the week through Wednesday, and the subsidy will go up to 8.4 yen in the following week, the ministry said. ■
