Japan's industry minister Koichi Hagiuda said Tuesday the government will implement for the first time its oil industry subsidy program, which is aimed at curbing petroleum fuel prices starting later this week following a recent surge in oil prices.The nation's average regular gasoline retail price was 170.2 yen ($1.5) per liter as of Monday, reaching its highest level in over 13 years and topping the 170-yen threshold required to launch the subsidy scheme introduced in November, Hagiuda told a press conference.Under the program, a subsidy of 3.4 yen per liter will be paid to 29 oil distrib…READ FULL ARTICLE
