Japan’s fuel price subsidy phase-out plan begins in early June with final cancellation planned for September.
Tokyo has been supporting refined products since January last year, in an effort to ease the pressure of rising crude oil prices.
The Asian State’s retail prices were affected by world prices and market volatility during the previous and subsequent period by the Russian attack on Ukraine.
Fuel price fever has hit several European, Asian and African countries, and governments’ reaction has varied between providing direct support or unleashing popular protests against price levels.
Japan’s fuel prices are set to abandon government subsidies from the end of September, with the Ministry of Commerce and Industry to begin a gradual cut from June until full cancellation.
Measures to phase back support include reducing it by 10% every two weeks, up to schedule.
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