Japan’s crude oil import price hit a record high in yen terms in May, surpassing April levels, Ministry of Finance data showed on Wednesday, driven by a surge in crude prices resulting from supply disruptions caused by the closure of the Strait of Hormuz.
The customs-cleared import price rose to JPY114,076 ($712) per kilolitre, the highest since comparable records began in 1979, exceeding the previous record of JPY101,389 in April. In dollar terms, the price stood at $114.58 per barrel, the 17th highest on record.
Japan’s crude import price, known as the Japan Crude Cocktail (JCC), is based on customs-cleared CIF (cost, insurance and freight) prices and reflects global crude trends with a roughly one-month lag due to shipping times.