Japanese Prime Minister Ishiba Shigeru has announced fixed price cuts on gasoline. Gasoline prices will be lowered by 10 yen, or about 7 cents, per liter starting in May.



Ishiba told reporters on Tuesday that he will closely watch the impact of the tariffs announced by US President Donald Trump on businesses and people's lives and make utmost efforts to provide support.



The decision follows a proposal made by the ruling Liberal Democratic Party and its coalition partner, Komeito, to take measures against rising prices.



Ishiba said he takes the ruling parties' proposal seriously and will advance talks with the United States.



He said that diesel oil will be also cut by 10 yen per liter, heavy oil and kerosene by 5 yen, and aviation fuel by 4 yen. The price cuts will go into effect on May 22.



This means gasoline prices will be at their lowest level since Russia launched its invasion of Ukraine in 2022.



Ishiba said he has not decided how long the measure will stay in effect.



Ishiba also announced that steps will be taken to support people's electricity and gas bills during the summer months starting in July, when demand for the utilities tend to rise. He said specific measure will be determined next month.