Industry minister Koichi Hagiuda said Tuesday the government will for the first time implement its oil industry subsidy program, which is aimed at curbing petroleum fuel prices, starting later this week following a recent surge in oil prices.
The nation's average regular gasoline retail price was ¥170.2 ($1.50) per liter as of Monday, reaching its highest level in over 13 years and topping the 170-yen threshold required to launch the subsidy scheme introduced in November, Hagiuda told a news conference.
Under the program, a subsidy of ¥3.4 per liter will be paid to 29 oil distributors and importers for a week starting Thursday, with the aim of keeping them from sharply raising their prices of gasoline, diesel oil, kerosene and fuel oil, according to the ministry.