Japan to Release Oil Reserves Mon. at Earliest

Tokyo, March 11 (Jiji Press)–Japan will release its oil reserves as early as Monday amid soaring crude oil prices, Prime Minister Sanae Takaichi said Wednesday. “As oil tankers continue to be virtually unable to pass through the Strait of Hormuz, oil imports into our country are expected to decrease significantly from later this month,” the prime minister told reporters. She noted that Japan will not wait for an official international decision on a joint release of oil reserves. The Japanese government plans to release 15 days’ worth of private oil reserves and one month’s worth of state reserves, while also utilizing its joint reserves with oil-producing countries. This would be the first time for Japan to release its oil reserves independently. Takaichi also said that she has instructed industry minister Ryosei Akazawa to implement emergency measures as soon as possible to keep retail gasoline prices around 170 yen per liter or lower on average nationwide. “We can’t deny the possibility that gasoline prices will exceed 200 yen per liter,” Takaichi said. She explained that the government will use a related fund to finance the emergency measures, which will also cover kerosene, as well as gas oil and fuel oil. “The situation in the Middle East is still unpredictable,” she said. “We will flexibly consider support if the situation is prolonged.” END [Copyright The Jiji Press, Ltd.]