Tokyo, Oct. 30 (Jiji Press)–The Japanese government will raise the target price of regular gasoline by 1 or 2 yen per liter per week in December under its gasoline subsidy program, the industry ministry said Friday. The government plans to raise the price gradually in order to prevent a last-minute rush at the pumps. The total monthly increase will be 5 yen. Currently, prices are kept at about 170 yen per liter through subsidies. The government has provided gasoline subsidies to oil refiners since March, following worsening tensions in the Middle East. The program is one of its measures to address the rising cost of living amid higher fuel prices. Japanese Prime Minister Sanae Takaichi said the government will reduce subsidies gradually from December to ensure continued support while reducing the government’s fiscal burden. The government plans to raise the target gasoline price by 2 yen on Dec. 3 and Dec. 10, and by 1 yen on Dec. 17. The price will remain unchanged in the fourth week of December. Whether the target price will be raised in January “will be decided after observing the crude oil price situation,” a government official said. The government decided Friday to allocate 1,145.9 billion yen from a contingency reserve fund to finance gasoline subsidies through December. On the same day, the ministry also disclosed details of an electricity and gas subsidy program that it will resume this winter. The government will support household electricity bills by 1 yen per kilowatt-hour in December. In January and February, the government will provide 4.5 yen per kilowatt-hour. For city gas consumption, the government will provide 4 yen per cubic meter in December and 18 yen in January and February. The government has intermittently subsidized electricity and gas bills since 2023, spending a cumulative total of about 5.6 trillion yen through September this year. END [Copyright The Jiji Press, Ltd.]
