- ARAB NEWS
- 08 May 2024
Since 1975
Japan lowered its gasoline subsidy for oil distributors to 36.7 yen ($0.28) a litre for the seven days from June 2, down from 37.3 yen a week earlier, the industry ministry said on Wednesday.
The temporary subsidy programme was implemented in late January to cushion the blow from high fuel prices after tight global supplies lifted crude prices, with further pressure added by the Russia-Ukraine conflict that began on Feb. 24.
The scheme was reinforced late April, under which the ceiling was lifted to 35 yen a litre from 25 yen, with half of the amount in excess of 35 yen to be also subsidized.
Reuters
