TOKYO, Oct 29 (Reuters) - Japanese Prime Minister Sanae Takaichi said on Thursday the government plans to raise its target gasoline price at the pump by 5 yen per litre each month from December towards next spring to keep in check growing expenses for fuel oil subsidies.
The government has been providing oil refiners with subsidies to keep the retail gasoline price at around 170 yen ($1.08) per litre.
・Reuters reported last week that the government was considering scaling back gasoline subsidies from as early as December amid concerns that funding for the measures could eventually run short.
・Under the current scheme, gasoline subsidies are costing the government more than 10 billion yen a day, Takaichi said.
・The government will keep a close eye on moves in crude oil prices in revising its gasoline target price, the prime minister said.
・Takaichi also said the government will deploy subsidies aimed at curbing utility and gas bills from December through February, reducing about 7,000 yen in financial burden for a typical household.
($1 = 157.7600 yen)
Reporting by Leika Kihara, Mariko Katsumura, Kiyoshi Takenaka; Editing by Ros Russell and Chizu Nomiyama
Source: Reuters