TOKYO, May 22 (Xinhua) — The Japanese government started a new gasoline subsidy program on Thursday to reduce fuel prices and cope with the rise in household living costs, local media reported.
The revamped scheme aims to cut the prices of gasoline by 10 yen (about 0.07 U.S. dollar) per liter by mid-June, Kyodo News reported.
Under the previous fuel subsidy policy introduced in January 2022, the government had subsidized oil wholesalers to keep regular gasoline prices at around 185 yen per liter.
The government plans to adjust the subsidy amount to a maximum of 5 yen per liter for the first week with the aim to reduce the wholesale gasoline price by 7.40 yen per liter. It then aims to reduce the price by at least 1 yen weekly until it is 10 yen lower by mid-June, the report said.
No end date has been scheduled for the new program, but with around 1 trillion yen allocated to the subsidies, they could last until the end of March 2026, it added.
