Japan’s ruling party presses govt to boost oil subsidy

TOKYO : Japan’s Ministry of Economy, Trade and Industry will consider additional steps to curb an increase in fuel prices, Chief Cabinet Secretary Hirokazu Matsuno said on Friday.

His comments came after lawmakers of the ruling Liberal Democratic Party called for an increase in the subsidy for oil distributors.

The lawmakers submitted a proposal to Matsuno urging the government to substantially hike the subsidy of 5 yen (US$0.0435) a litre to counter an increase in crude prices stemming partly from tension in Ukraine.

The government’s subsidy scheme had already hit a ceiling of 5 yen this month.

(US$1=115.0600 yen)

(Reporting by Satoshi Sugiyama; Editing by Clarence Fernandez)