Japan's May crude import price hits record high in yen terms amid Mideast war
By Yuka Obayashi
TOKYO, June 17 (Reuters) - 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 114,076 yen ($712) per kilolitre, the highest since comparable records began in 1979, exceeding the previous record of 101,389 yen 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.
Higher JCC prices raise the cost of importing crude and liquefied natural gas, a key fuel for thermal power generation, and feed directly into higher electricity prices.
Crude oil import volumes fell 57.3% from a year earlier in May, following a 64% plunge in April, the steepest drop since 1980.
By region, imports from the Middle East tumbled 61.9% to 3.967 million kilolitres, while those from the United States rose 24% to 576,000 kilolitres.
In value terms, crude imports declined 28.5%.
Before disruptions to the Strait, Japan sourced about 95% of its crude imports from the Middle East.
($1 = 160.1600 yen)
