TOKYO –
Japan’s average retail price for regular gasoline rose to 170 yen per liter, while the government is considering reducing subsidies by raising its target price to around 175 yen after the peak travel season.
The Agency for Natural Resources and Energy said the nationwide average price stood at 170 yen per liter as of July 21, up 0.1 yen from the previous week. It was the first increase in two weeks.
The government has been providing subsidies aimed at keeping gasoline prices close to 170 yen per liter following the deterioration in the Middle East situation.
However, available funding for the program is declining, prompting officials to consider scaling back the support.
According to government sources, the leading proposal would raise the target nationwide average retail price from the current 170 yen to 175 yen per liter.
Officials are expected to carefully determine when to make the change, taking into account the summer travel season and the risk that crude oil prices could rise further because of developments in the Middle East.
Source: TBS
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: newsonjapan.com
