TOKYO (Kyodo) -- The average retail price of gasoline in Japan soared to a 17-month high of 185.10 yen ($1.18) per liter as of Monday, following a reduction in a government subsidy, industry ministry data showed Wednesday.

The average price for regular gasoline increased 4.40 yen from a week earlier, rising for the second straight week and hitting its highest level since marking an all-time high of 186.50 yen in September 2023, according to the Ministry of Economy, Trade and Industry.

With U.S. President Donald Trump saying that he is considering lowering energy prices by ramping up production of fossil fuels, the price of gasoline in Japan could be affected by global trends in the price of crude oil, analysts said.

Following the latest subsidy cut on Thursday, the Japanese government is paying oil wholesalers to keep the average price of regular gasoline at around 185 yen. The ministry said the subsidy lowered the price by 16.40 yen.

Gasoline in Kochi Prefecture, western Japan, was the most expensive in the country at 193.60 yen per liter, while the cheapest price of 177.80 yen was recorded in Iwate Prefecture, northeastern Japan.

Meanwhile, the price of diesel also jumped to 164.70 yen per liter, up 4.40 yen from the previous week while kerosene climbed to 2,280 yen per tank of 18 liters, up 73 yen, the ministry said.