Japanese Prime Minister Shigeru Ishiba announced on Wednesday a new package of fuel price reductions, which includes a decrease of 10 yen (about 7 cents) per liter of gasoline, starting from May. This move aims to alleviate the cost of living for the Japanese people.
Japan’s broadcasting and television corporation, NHK, reported that Ishiba confirmed the government will closely monitor the repercussions of the tariffs imposed by U.S. President Donald Trump and their impact on people’s lives and corporate performance, indicating his intention to provide all possible forms of support.
He added that the price of diesel will also be reduced by 10 yen per liter, while heavy oil and kerosene will see cuts of 5 yen, and aviation fuel will decrease by 4 yen.
These price reductions will take effect on May 22, meaning that gasoline prices will reach their lowest level since the outbreak of the Russia-Ukraine war in 2022.
Ishiba also announced that measures will be taken to support electricity and gas bills during the summer months, starting in July, when demand for utility services tends to rise.
Japan, like other major economies, is facing increasing living costs due to the rise in global energy prices, which has been particularly exacerbated since the outbreak of the Russia-Ukraine war in February 2022.
This crisis has led to soaring oil and gas prices, which has directly impacted the cost of fuel and utility services in the country.
