TOKYO - Japan's industry ​ministry said on ⁠Wednesday that ‌the benchmark for calculating ​gasoline price subsidies will switch ​back to Dubai ​crude prices from Brent crude from next ⁠week. 

The change will take effect on June 4, ​according ‌to the ministry.

The decision ⁠came ⁠as Dubai crude prices, ​which had ‌been volatile due ⁠to the Middle East tensions, have stabilised and the gap with Brent crude has narrowed.

Using the Dubai price, which ‌is employed by domestic ⁠oil companies, to calculate ​subsidies would be more accurate, ​the ministry said.

(Reporting ‌by Kaori ⁠Kaneko; editing ​by Philippa Fletcher)