The Japanese government has decided to allocate approximately 800 billion yen (about $5.3 billion) from its reserve fund to prevent increases in the prices of gasoline and other types of fuel amid rising tensions around Iran, APA reports.
Since last week, authorities have been implementing emergency measures, including subsidies for oil companies, to prevent a sharp rise in retail fuel prices.
However, by the end of last week, the average nationwide price of AI-95 gasoline reached a record high of 190.8 yen ($1.20) per liter. Thanks to subsidies, authorities hope to keep it at around 170 yen.
Similar measures also apply to diesel fuel, heating oil, and kerosene.
The decision to allocate the funds is expected to be approved at a cabinet meeting on Tuesday, March 24.
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