8/9/2006

Gasoline prices hit highest on record
MSN-Mainichi Daily News—Aug 9, 2006: The average retail price of regular gasoline in Japan has exceeded 142 yen, the highest level since an industry organization began recording oil retail prices in 1987…more…

.

.

.

You think you pay too much for gas.

Today, the LED signboard in my upscale Denenchufu neighborhood in Tokyo was flashing the price of 155 yen for a liter of high octane gasoline. That “average” retail price of regular gasoline of more than 142 yen per liter is well over 144 yen in Tokyo.
Let’s do the math…

155 yen / liter * (3.7854 liters / 1 gallon) = 586.737 yen per gallon

And then converting the Japanese yen to US dollars we get:
586.737 yen / 1 gallon * ($1 / 114 yen) = $5.09 per gallon