Japan Offers Financial Aid to Oil Refiners Amid Rising Costs
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Japan is stepping in to bear some of the burden faced by its oil refiners as higher crude feedstock costs threaten to flow through into fuel prices and inflation.
The government plans to pay refiners up to 5 yen ($0.04) per liter of gasoline produced, according to a report by local broadcaster NHK on Tuesday. The move is likely to help processors maintain their margins without passing on rising costs to customers.