Japan unveils measures to boost oil subsidy, back small firms

Concern about Russian oil supplies, which at 4 million to 5 million barrels per day (bpd) are second only to Saudi Arabia in volume, have pushed up oil prices to levels not seen in a decade.

Japan unveiled on Friday a raft of measures to help small and midsize firms cope with surging global fuel prices amid the Ukraine crisis, with an increased subsidy ceiling on oil and the extension of corporate funding, ministers said on Friday.
 

Prime Minister Fumio Kishida's cabinet approved the measures including lifting a subsidy ceiling on gasoline, diesel and kerosene to 25 yen a litre to help companies cope with rising energy prices, Chief Cabinet Secretary Hirokazu Matsuno said.
 

The change will take effect from the week starting March 10, and the government will tap 350 billion yen ($3.03 billion) from