In order to curb the rise in retail prices of gasoline and other products amid soaring crude oil prices, the government started additional measures on the 10th to raise the upper limit of subsidies to oil retailers to 25 yen.
In order to curb the rise in prices of gasoline and kerosene, the government has implemented a measure to subsidize oil retailers up to 5 yen per liter from late January.
However, crude oil prices rose due to the tightening situation in Ukraine, which had already reached the upper limit on the 10th of last month.
For this reason, we started additional measures on the 10th to raise the upper limit of subsidies to 25 yen.
The subsidy amount is decided based on the national average of the retail price of regular gasoline announced on the 9th, and 17.7 yen per liter will be paid after the 10th.
The original sellers will supply gasoline and kerosene to stands all over the country at wholesale prices that reflect the amount of subsidies.
However, the situation in Ukraine remains tense, and if oil prices rise further, additional subsidies could reach their caps early on.