Countries have announced fuel subsidies to cushion consumers from the impact of soaring energy prices after oil skyrocketed last week to 14-year highs.
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Since then the subsidy has risen four times, most recently to the upper limit of 25 yen a litre from Thursday.Tokyo is considering a fresh stimulus package that includes extension of the subsidy beyond its expiry at the end of this month, the Kyodo news agency said on Wednesday. That move followed an October announcement that domestic tax on key oil products would be temporarily slashed by a fifth and the liquefied natural gas tariff cut to zero from 2%.Manila has doubled to 5 billion pesos a fuel subsidy programme for public transport and recommended additional fuel vouchers for farm producers by increasing the budget to 1.1 billion pesos from 500 million, so as to cut input costs.
The energy department said it was also considering additional measures that will require legislative approval, such as increasing the buffer stock of gasoline and diesel to 45 days from 30 and LPG to 15 days from seven.
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