Gasoline prices in Japan down for second week

Japanese motorists are getting some welcome relief after gas prices edged down for a second week.
But they continue to fork out more at the pump than they have for the past seven years.

The Oil Information Center says the average price of regular gasoline as of Monday was 168.7 yen per liter. That's about 1 dollar and 46 cents. It's 0.1 percent down from the previous week.

The dip is being driven by forecasts that a surge in coronavirus infections in Europe will impact demand for oil. Another reason is a slight decline in crude futures which pushed down wholesale oil prices.

Analysts say a coordinated release of oil reserves by Japan, the US, and other nations may work as a stop-gap measure.

But they caution that oil-producing countries might counter the move by reducing their output.