The Japanese government will start hiking fossil fuel taxes in October 2011 in a bid to cut greenhouse gas emissions. The increases will also help offset a 5% cut in corporate taxes aimed at boosting the flagging economy. Right now, crude is taxed at 2,040 yen/kiloliter ($3.90/bbl), LNG and liquefied petroleum gas (LPG) at 1,080 yen/ton and coal at 700 yen/ton. The rates will increase over the five years to March 2016 by 32.25% for oil, 72.2% for LNG and LPG, and 95.7% for coal, the Ministry of Economy, Trade and Industry (Meti) says.
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