Sanae Takaichi: Japan Plans to Release National Oil Reserves

According to reports, Japanese Prime Minister Sanae Takaichi stated on the evening of the 11th local time that, given the escalating tensions with Iran, the Japanese government plans to release national oil reserves as early as the 16th of this month.

Furthermore, Takaichi stated that if crude oil prices continue to rise, gasoline prices are expected to increase as well. The Japanese government will take measures to mitigate the sharp price fluctuations, aiming to keep the national average retail price of gasoline at around 170 yen per liter.

Previously, Japan’s Ministry of Economy, Trade and Industry stated on the 9th that it had requested domestic oil reserve bases to prepare for the release of reserves. Analysts believe that with the strait of Hormuz, a crucial air chokepoint for Middle Eastern oil transportation, blocked, Japan must prepare for the impact of a protracted conflict between the US, Israel, and Iran.