Japan gasoline price falls to 177.70 yen from record high due to subsidy

The average retail price of gasoline in Japan fell to 177.70 yen ($1.12) per liter from a record-high 190.80 yen last week, thanks to a resumption of subsidies to cap fuel costs after the Iran war led to surges in crude oil prices, industry ministry data showed Wednesday.The average price as of Monday declined from March 16, days before the government restarted state subsidies to keep national gasoline prices down to around 170 yen. It marked the first fall in six weeks, the Ministry of Economy, Trade and Industry said.The drop reflected the government's support set at 30.20 yen per liter o…READ FULL ARTICLE