Japan Ministers Discuss Steps against High Crude Oil Prices

Politics Economy

Tokyo, Oct. 18 (Jiji Press)--Japanese cabinet ministers met Monday to discuss measures to address soaring crude oil prices, which are feared impacting the economy and people's livelihoods.

The meeting at the prime minister's office came as the global crude oil supply struggles to meet demand, lifting gasoline prices in Japan to the highest level in around seven years last week.

A surge in demand followed the reopening of economies around the world after the novel coronavirus pandemic, as well as a decision by oil-producing countries to forgo a substantial increase in production.

Japanese Prime Minister Fumio Kishida instructed ministers to take measures against rising crude oil prices, in the morning the same day.

"Relevant ministries and agencies will cooperate and respond flexibly to avoid obstacles," Chief Cabinet Secretary Hirokazu Matsuno said at the ministerial meeting.

[Copyright The Jiji Press, Ltd.]

Jiji Press