Rising Crude Oil Prices Hit Japanese Consumers

Higher prices for crude oil are being passed on to Japanese consumers, and consumer confidence has dropped by two points.

Japanese consumers are again paying more for gasoline, diesel oil and other petroleum products. This follows the increase of crude oil prices in Asian trading on Tuesday to more than $71 a barrel. Fires at two Japanese refineries this month are expected to put a squeeze on the country’s domestic supply, adding to the problem.