Amid concerns about rising crude oil prices due to Russia's invasion of Ukraine, the government has raised the upper limit of subsidies to oil retailers from the current 5 yen to 25 yen in order to curb the rise in retail prices of gasoline and other products. We are making adjustments to apply it from next month.
Due to Russia's military invasion of Ukraine, WTI futures, which is an international indicator of crude oil trading, temporarily exceeded $ 100 a barrel for the first time in 7 years and 7 months in the New York crude oil market on the 24th. ..
As prices continue to rise, the government will significantly increase subsidies to oil wholesalers in order to curb the rise in prices of gasoline and kerosene.
Specifically, we are making adjustments to raise the upper limit of subsidies from the current 5 yen to 25 yen and apply them from next month.
The necessary expenses will be contributed from the reserve fund of this year's budget, and we are planning to continue it after April of the new year.
On the other hand, the standard amount of subsidies to be paid so that fiscal spending does not swell too much is raised in a certain period, but the policy is to accelerate the pace.