Oil on the boil: Japan mulls phasing out gasoline subsidies from December - What to know

What happened: Japan's government is reportedly considering scaling back gasoline subsidies from as early as December, per a Reuters report citing two ruling party officials. Key numbers: The program needs several billion dollars monthly to cap regular gasoline near 170 yen ($1.09) per litre and is draining a 3.1 trillion yen supplementary budget approved in June. Why it matters: Officials said they want to reduce subsidies as much as possible before the consumption tax cut on food and beverages begins in April next year, when households are expected to feel less financial pressure.

Japan's government is reportedly considering scaling back gasoline subsidies from as early as December, per a Reuters report citing two ruling party officials.

Officials said they want to reduce subsidies as much as possible before the consumption tax cut on food and beverages begins in April next year, when households are expected to feel less financial pressure.