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Japan PM Takaichi says government to raise target gasoline price to reduce subsidies

By Reuters News

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, a move aimed at reducing subsidies.

The government has been providing oil refiners with subsidies to keep the retail gasoline price at around 170 yen per litre.

Reuters reported last week, quoting ruling party officials, that the government was considering scaling back gasoline subsidies from as early as December amid growing concerns that funding for the costly measures could eventually run short.

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