The Japanese government has decided to allocate about 800 billion yen (approximately 5.3 billion dollars) from its reserve fund to curb the rise in gasoline and other fuel prices amid the situation surrounding Iran, NHK reported, citing informed sources.
Since last week, authorities have been taking emergency measures, including subsidies for oil companies, to prevent sharp increases in retail fuel prices.
However, at the end of last week, the average price of AI-95 gasoline in the country reached a record 190.8 yen (about $1.20) per liter. However, thanks to subsidies, the authorities hope to keep it at around 170 yen. Similar measures are in place for diesel fuel, fuel oil and kerosene.
The decision to allocate funds is expected to be approved by the government on Tuesday, March 24.
