Japan policymakers to consider extending gasoline subsidies - sources
Reuters
Published Aug 29, 2023 00:17
Updated Aug 29, 2023 00:42
TOKYO (Reuters) - Japan's government and ruling coalition are set to consider extending gasoline subsidies from September to ease the pain of fuel bills, sources with direct knowledge of the matter told Reuters on Tuesday.
The policymakers are aiming to keep retail prices of gasoline below 180 yen per litre, the sources said on condition of anonymity because they are not authorised to speak to media.
Japan's nationwide average retail price of regular gasoline rose by 1.80 yen to 183.70 yen ($1.26) per litre over the week to Aug. 21, marking the 14th consecutive weekly increase, the Ministry of Economy, Trade and Industry said last week.
The government subsidises the fuel but has been gradually cutting support first introduced in early 2022.
Without the subsidies, the price could be as high as 195.70 yen per litre, the ministry said last week, hovering around its 15-year peak amid higher international crude oil prices and a weak yen.
($1 = 146.3600 yen)
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Written By: Reuters
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