Japan PM says subsidies capping gasoline prices to be maintained

Japanese Prime Minister Sanae Takaichi said Tuesday she has instructed the relevant ministers to proceed with necessary preparations to maintain subsidies to cap gasoline prices, Report informs referring to Kyodo News.

With the Middle East conflict pushing up crude oil prices, the government has been providing subsidies to oil wholesalers since mid-March to keep the average retail price of gasoline at around 170 yen ($1.06) per liter.

Citing challenges foreseeing the movement of crude oil prices amid the ongoing Middle East conflict, Takaichi told reporters at her office in Tokyo the government has decided to keep the subsidies "to protect the people and their livelihoods and prevent disruptions to economic activity."