Tokyo, June 19 – Japanese Prime Minister Shigeru Ishiba announced on Thursday that the government will implement a precautionary measure to shield consumers from a potential spike in gasoline prices amid growing instability in the Middle East. The policy will take effect from June 26.
Addressing reporters in Tokyo, Ishiba said the government would act decisively to ensure that the nationwide average price of gasoline does not exceed approximately 175 yen ($1.20) per litre.
“As a country heavily reliant on imported energy, particularly crude oil from the Middle East, Japan must take proactive steps to safeguard its economic stability and consumer well-being,” Ishiba stated.
Japan, one of the world’s most resource-dependent economies, imports more than 90% of its crude oil from the Middle East. The ongoing regional conflict has raised concerns over possible supply disruptions that could have wide-ranging implications for fuel costs and inflation.
To cushion the impact of such disruptions, Japan maintains a strategic petroleum reserve large enough to cover several months of consumption. Officials confirmed that the reserve remains well-stocked and that additional stabilization measures will be considered if the geopolitical situation deteriorates further.
The announcement comes as global oil markets remain volatile, with energy prices reacting sharply to geopolitical developments in the Gulf region. Japan’s intervention reflects mounting concerns in Asia’s third-largest economy over energy security and economic resilience in the face of escalating international tensions.
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