Japan Decides to Raise Oil Subsidy Ceiling to 25 Yen

Politics Economy

Tokyo, March 4 (Jiji Press)--The Japanese government on Friday decided additional measures to curb gasoline and other fuel prices, including a hike in the cap on its subsidies paid to oil wholesalers to 25 yen per liter from 5 yen.

The government will also provide fresh support for fishers, farmers and taxi operators, which face ballooning fuel costs.

With these measures, decided at a meeting of relevant cabinet ministers, Japan will provide for further increases in crude oil prices amid Russia's continued invasion of Ukraine.

"Extra measures are necessary in preparation for changes in the Ukraine situation," Chief Cabinet Secretary Hirokazu Matsuno told the meeting. He also indicated that the government will consider expanding financial aid for the purchases of electric vehicles.

The hike in the ceiling on the oil wholesaler subsidies to 25 yen will be implemented on Thursday. The government will consider keeping the subsidy program in place beyond the end of this month, when the aid payments are currently slated to end.

[Copyright The Jiji Press, Ltd.]

Jiji Press