Japan's weekly gasoline prices largely flat as subsidies offset price spikes
Japan's gasoline prices were at 167.5 yen ($1.05) per liter in the week ending on April 13, data from the industry ministry showed on Wednesday, largely unchanged from 167.4 yen in the previous week.
Japan began to partially release oil stockpiles from March 16 and has also rolled out subsidies to compensate for rising product prices which spiked to all-time highs in mid-March following the U.S.-Israeli war with Iran.
LNG stockpiles held by major Japanese utilities were up to 2.29 MM tonnes as of April 12, rising from 2.22 MM tonnes a week earlier and staying above the levels seen a year ago and the five-year average for the period, according to the industry ministry.
Japanese oil refineries maintained utilization rates largely unchanged at 67.8% of the designed capacity in the week to April 11 versus 67.7% a week earlier, the Petroleum Association of Japan data showed separately.
Due to changes in Japan's petroleum product supply structure, PAJ suspended publication of a breakdown for the weekly stocks of gasoline, jet fuel, kerosene and diesel.
($1 = 158.9700 yen)
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