March 25, 2026 | 03:05 pm
TEMPO.CO, Jakarta - The Japanese government has announced that it will start releasing 30 days' worth of national oil reserves starting on Thursday, March 27, 2026, to mitigate the impact of energy price hikes and maintain economic stability amidst the Middle East war.
The Japanese Ministry of Industry stated on Tuesday, as reported by Antara, that a total of around 8.5 million kiloliters of oil will be sold from 11 storage locations across the country.
This step follows the release of private oil reserves equivalent to 15 days' worth of stockpiles last week.
Middle Eastern countries, including the UAE, are also seeking to discharge five days' worth of oil reserves to oil wholesalers in Japan until next Tuesday.
Prime Minister Sanae Takaichi emphasized that the Japanese government will continue to engage in intensive diplomacy with relevant countries to minimize the impact of the regional crisis.
Japan imports nearly all of its crude oil demands from abroad, with more than 90 percent of the supply coming from the Middle East region.
But since Iran blocked the Strait of Hormuz after the series of attacks by the United States and Israel on February 28, the global oil prices skyrocketed and the yen weakened against the US dollar, driving up inflation risks in Japan.
Regular gasoline prices in Japan even reached a record high of 190.80 yen (approximately Rp20,000) per liter last week. The government aims to reduce the national average price to around 170 yen per liter.
Finance Minister Satsuki Katayama attributed the volatile oil price and exchange rate to market. "We will take all possible measures on all fronts" to address such speculative moves," Katayama said.
Meanwhile, Japan's petrochemical sector has already experienced disruptions in naphtha supply, a crucial raw material for plastics and synthetic fibers.
Companies are now seeking alternative energy sources from America, Latin America, and Asia, despite the sky-high prices.
At the recent summit in Washington last week, PM Takaichi and US President Donald Trump emphasized the importance of maintaining global energy supply by ensuring maritime security in the Strait of Hormuz.
Takaichi is scheduled to meet with International Energy Agency (IEA) Executive Director Fatih Birol in Tokyo on Wednesday, March 25, to discuss cooperation in maintaining oil supply stability.
Read: Japan Refutes US Claim on Navy Deployment to Strait of Hormuz
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