Japan to raise oil subsidy fivefold over Ukraine crisis: Kishida

Politics Economy

Japan will raise the government subsidy for oil wholesalers to 25 yen per liter from the current 5 yen to prevent a sharp hike in fuel costs as supply concerns sparked by Russia's invasion of Ukraine continue to push up crude oil prices, Prime Minister Fumio Kishida said Thursday. The plan will come into effect on March 10 to "suppress sharp increases in petroleum product prices" and ease the impact on households and businesses, Kishida said in a press conference. The subsidy to be formally decided at a government meeting Friday will be provided until the end of March, with the government plan...

Kyodo News

Kyodo News