Japan LDP Seeking to Raise Oil Subsidy Limit to over 25 Yen

Politics Economy

Tokyo, Feb. 19 (Jiji Press)--Japan's ruling Liberal Democratic Party is calling on the government to raise the limit of its subsidy for oil wholesalers to over 25 yen per liter from the current 5 yen.

The request is included in a set of emergency proposals to tackle soaring crude oil prices that the LDP submitted to industry minister Koichi Hagiuda and Chief Cabinet Secretary Hirokazu Matsuno on Friday.

A focal point is whether the government can secure financial resources needed to expand the subsidy program as its budgeted funds could run out even before the March 31 end of fiscal 2021.

After receiving the proposal, Hagiuda told reporters that "there are various options" and that he will consider what steps to take "flexibly."

Matsuno told a press conference that the government will "cooperate closely with the ruling bloc and speed up work to devise concrete measures."

[Copyright The Jiji Press, Ltd.]

Jiji Press