TOKYO (Reuters) – The ministry of economy, trade and industry on May 21 announced it would gradually reduce the maximum limit of 2 yen gasoline subsidies starting from January 2023.
The government is providing subsidies to oil wholesalers (a measure to mitigate the drastic fluctuations in fuel oil prices) in order to curb the rising prices of fuel such as petrol. Currently, the standard price is 168 yen per liter, and the full amount up to 35 yen (upper limit) is paid for the amount exceeding the standard price, and half of the amount is paid for the amount exceeding the maximum limit. From January to May 2023, the maximum limit of 35 yen will be reduced by 2 yen each month. From June onwards he indicated a policy of progressive reduction of sales.
Crude oil prices fell on concerns about the economic downturn in Europe, the United States, China and other countries.6 yen.
