Tokyo, March 11 (IANS) Japanese Prime Minister Sanae Takaichi on Wednesday announced that Japan will start releasing its oil reserves as early as next Monday to tackle a possible increase in prices of gasoline and other petroleum products amid the conflict in West Asia, local media reported.

Speaking to reporters on Wednesday, Takaichi said that Japan will release 15 days worth of reserves held by the private sector and then one month worth of oil owned by government without waiting for a decision coordinated by the International Energy Agency (IEA), Japan's leading media outlet Kyodo News reported.

Japan will for the first time release its government oil reserves individually and not in an internationally coordinated way since the stockpiling of oil started in 1978.

Takaichi stated that Japan's reliance on the Middle East for crude oil is "prominently high" compared to other nations and imports are expected to reduce late this month or later, resulting in measures needed to stop a disruption to the supply of gasoline and other petroleum products.

Citing the possibility that the average price of domestic retail gasoline could get higher than 200 Yen per litre, Takaichi said that she wants to keep the price at around 170 Yen by using a government fund.

Takaichi said, "We will flexibly review the support measures to ensure continuous relief for the public even if the (Middle Eastern) situation is prolonged."

Japan imports over 90 per cent of its oil from West Asia, making it vulnerable to the closure of the Strait of Hormuz, which has halted the transportation of oil and gas from suppliers in the Persian Gulf following the US and Israel strikes on Iran in February.

The Strait of Hormuz is a narrow passage connecting the Gulf to the Arabian Sea and is one of the world’s most important oil transit chokepoints. A large share of crude exports from Gulf producers passes through it, making any threat to the route a major concern for global energy markets.

As of the end of December, Japan possessed 470 million barrels of oil reserves equivalent to 254 days of domestic consumption, of which, 146 days worth were government-held, 101 days owned by the private sector while the remainder is jointly stored with nations that produce oil, Kyodo News reported.

The ongoing conflict began after the joint US-Israel strikes on Iran on February 28, which led to Iran launching drone and missile attacks targetting US assets, regional capitals and allied forces in West Asia.

--IANS

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