Japan is considering extending to next spring its subsidy program for oil wholesales in order to avoid a sharp hike in fuel costs amid persistent supply concerns triggered by Russia’s invasion of Ukraine, sources familiar with the situation said Saturday.
The government plans to set aside more than ¥1 trillion from the envisaged fiscal 2022 second supplementary budget that will finance an economic stimulus package to be finalized in October, the sources said.
Subsidies to curb the impact of a surge in gasoline and other fuel prices began in late January to keep the average retail price of gasoline at ¥168 per liter.
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