ISTANBUL

Japan’s average gasoline price hit a record 190.8 yen ($1.20) per liter as of this week, as the fallout from the Middle East crisis continued to ripple through global energy markets.

Data from the Oil Information Center showed on Wednesday that fuel costs in Japan climbed to their highest level on record, underscoring the growing economic strain from heightened geopolitical tensions in the region.

Prices jumped 18% from a week earlier to the highest level since comparable records began in 1990. The increase is likely to intensify pressure on households and businesses already burdened by four consecutive years of inflation above the Bank of Japan’s 2% target.

The increase comes as concerns over disruptions to crude supply and shipping routes have pushed up oil prices worldwide, feeding through to retail fuel markets in major importing economies such as Japan.

Higher gasoline prices are expected to put more pressure on the country's households and businesses, which continue to rely heavily on imported energy.

Japan has been closely monitoring developments in the Middle East, where escalating tensions have raised fears of prolonged volatility in oil and fuel markets.

On Monday, Japan began to release oil from its reserves to mitigate supply concerns and stabilize the distribution of petroleum products.

Japan is initially freeing up 15 days' worth of reserves held by the private sector, with a month's worth of state-held oil to follow, Tokyo-based Kyodo News reported.