Society | Oct 12

Gasoline prices hit 2-year high

Gasoline prices in Japan have hit a 2-year high after oil producers cut their output.

Officials at the Oil Information Center say the average retail price per liter of regular gasoline on Tuesday was 134.9 yen, or about one dollar and 20 cents. That's up 1.2 yen from a week ago.

That's the 4th straight weekly increase for the highest level in 25 months.

Members and non-members of the Organization of the Petroleum Exporting Countries are cutting their crude oil output in a coordinated effort. Also behind the rise is weak production of US shale oil.

Analysts at the Oil Information Center say Middle Eastern countries are working to keep the coordinated cuts before an OPEC meeting in November. They say crude oil and gasoline prices may rise further.

Source: ANNnewsCH

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