The Japanese government announced plans to cap retail gasoline prices at 170 yen (approximately 93 Euro per litre), with subsidies to refiners taking effect from shipments on the 19th.
According to Nihon Keizai Shimbun and other local media on the 12th, the Ministry of Economy, Trade and Industry will limit the nationwide average retail gasoline price, whilst the government will provide subsidies to cover costs exceeding 170 yen at the wholesale level, including refiners. Similar subsidy schemes will apply to diesel and heavy oil.
Prime Minister Sanae Takaichi told reporters the previous day, "We will take necessary measures while monitoring the Middle East situation and crude oil price levels." She added, "Even if the situation becomes prolonged, we will flexibly review support methods to continuously assist citizens' daily lives."
Japan had previously decided to release strategic petroleum reserves without waiting for a formal decision on coordinated international stockpile releases linked to the International Energy Agency. If Japan proceeds unilaterally, it would mark the first such case since the relevant system was established in 1978.
Full story Japan Caps Retail Gasoline Price at 170 Yen Per Liter - Seoul Economic Daily
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