Japan to Extend Gasoline Subsidy

Mar 28, 2024 | News On Japan

TOKYO - In response to the continued surge in energy prices due to the weakening yen and the rise in consumer prices, the Japanese government has decided to extend the subsidy for gasoline and other fuels beyond its April deadline.

According to government officials, the subsidy aimed at curbing the prices of fuel oil such as gasoline and kerosene will be extended past its current April deadline and will continue into May and beyond. The extension is expected to last for several months, with considerations also being made to maintain the subsidy rate without reductions.

The decision comes in light of inflation, the depreciating yen, and the rise in crude oil prices due to instability in the Middle East.

Prime Minister Kishida is expected to announce this in a press conference on Thursday evening.

The subsidy to oil wholesalers, which started in 2022, has been continually extended despite questions about its effectiveness.

Source: ANN

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