Japanese gas stations are displaying record-high prices this week as the national average hit 190.8 yen per liter. The 29-yen increase from the previous week is the largest on record, driven entirely by the deepening conflict in the Middle East. Data from the Oil Information Center suggests that the price has now eclipsed the previous high of 186.5 yen.
The sudden rise began shortly after military operations were launched against Iran, leading to a massive spike in global oil benchmarks. WTI crude futures hit $119 per barrel, a level that made a retail price hike inevitable. For months, Japanese drivers had enjoyed prices around 155 yen, but that stability has been shattered by the geopolitical crisis.
To combat the surge, the Japanese government is intervening with a 30.2-yen-per-liter subsidy for wholesalers. This measure, effective March 19, is intended to force retail prices back down toward the 170-yen mark. Government officials are urging patience, as it will take up to 14 days for the cheaper, subsidized fuel to replace current stocks at individual stations.
The impact is being felt across the country, with prices rising in every single prefecture. The government’s move to reinstate subsidies comes just months after they were scaled back, showing how quickly regional conflicts can disrupt domestic policy. For now, the focus remains on keeping the price below the critical 200-yen threshold.