Japan Eyeing Fresh Steps to Tackle Rising Oil Prices


Tokyo, Feb. 8 (Jiji Press)--The Japanese government is considering additional measures to respond to rising crude oil prices amid tensions over Ukraine, informed sources said Tuesday.

On Jan. 27, the government activated a subsidy program to curb wholesale prices of fuel oil including gasoline and kerosene. But only two weeks later, the subsidies reached the upper limit of 5 yen per liter on Thursday, as crude oil prices soared on worries about Russia's possible invasion of Ukraine.

Concerned about the impact of higher crude oil prices on people's daily lives, the government is hurrying to draw up measures such as a hike in the subsidy limit, as well as to secure necessary funds.

On Tuesday, Prime Minister Fumio Kishida instructed cabinet members to take "proactive steps" to minimize the impact on people's daily lives and economic activities.

The government plans to shortly hold a meeting of related ministers led by Chief Cabinet Secretary Hirokazu Matsuno.

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Jiji Press