Japan Keeps Lid on Gas Prices Amid Middle East Conflict
Japan's Prime Minister Sanae Takaichi has announced that her government will continue to provide subsidies to cap gasoline prices, amid concerns over the impact of inflation on Japanese households.
The move comes as the ongoing Middle East conflict threatens energy supplies to the resource-scarce country, which relies heavily on imports from the region.
Takaichi instructed officials to prepare for the crisis by securing funding and making necessary arrangements to continue the subsidy program, which keeps gasoline prices at around 170 yen per liter.
The government has been paying subsidies of around 20 yen per liter recently to keep gasoline prices stable, with diesel, heavy oil, and kerosene also covered under the measure.
Lawmakers have called for a rethink of the subsidies amid concerns over Japan's fiscal health, but Takaichi said the government would closely monitor the situation and adjust its support accordingly.