Japan to consider more efforts to rein in fuel prices

Japan is weighing further measures to help blunt a sharp rise in fuel prices and minimise the impact on people's lives and economic activities, the industry minister said on Thursday, as oil prices stay high amid tight supply.

Crude oil prices soared to seven-year highs, driven by concerns over tight global supply and potential disruption amid rising tension in Eastern Europe, bringing a surge in fuel prices in recent months.

Japan, which is also asking some producer nations to step up output, launched a temporary subsidy programme last month and has since raised the amount twice to hit a cap of 50 yen ($0.4) per litre.

"We will consider what the most effective measures are from the perspective of minimising the impact on people's lives and economic activities," Koichi Hagiuda told a news conference, but stopped short of saying what the measures were.