Japan to take extra measure to curb gasoline prices amid Israel-Iran conflict
Japan's government says it will act to curb spikes in retail prices for gasoline that could occur due to the fighting between Israel and Iran.
The government says it will subsidize oil wholesalers so that the cost of regular gasoline at the pump will hover around 175 yen, or about 1.2 dollars, per liter even if crude prices surge.
It says it will also provide the same level of subsidy for light oil, roughly half of it for kerosene and heavy oil, and about 40 percent for aviation fuel.
The government says the arrangement will be in place for some two months from June 26. It says it will use an existing fund to finance the measure.
The move comes on top of a fixed-amount subsidy to oil wholesalers already in place.
That program began last month to stem gasoline prices and counter rising prices. The amount of subsidy has gradually increased to 10 yen per liter.
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