Japan unveils measures to boost oil subsidy, back small firms
Japan unveiled on Friday a raft of measures to help small and midsize firms cope with surging global fuel prices amid the Ukraine crisis, with an increased subsidy ceiling on oil and the extension of corporate funding, ministers said on Friday.
Prime Minister Fumio Kishida’s cabinet approved the measures including lifting a subsidy ceiling on gasoline, diesel and kerosene to 25 yen a litre to help companies cope with rising energy prices, Chief Cabinet Secretary Hirokazu Matsuno said.
The change will take effect from the week starting March 10, and the government will tap 350 billion yen ($3.03 billion) from this fiscal year’s emergency budget reserves to fund the subsidy, the government said.
