Tokyo, March 11 (NationPress) On Wednesday, Japanese Prime Minister Sanae Takaichi declared that the nation will initiate the release of its oil reserves as soon as next Monday. This move aims to address a potential surge in gasoline and other fuel prices resulting from the ongoing conflict in West Asia, as reported by local media.

During a press briefing, Takaichi explained that Japan plans to release reserves equivalent to 15 days of consumption from the private sector, followed by one month’s worth of government-held oil. This action will occur without waiting for a coordinated decision from the International Energy Agency (IEA), as stated by the leading Japanese news outlet, Kyodo News.

This will mark the first time Japan has released its government oil reserves independently since the practice began in 1978.

Takaichi noted that Japan's dependency on the Middle East for crude oil is significantly higher than that of other countries. As imports are expected to decline later this month, measures are necessary to prevent disruptions in the supply of gasoline and other petroleum products.

With the potential for domestic retail gasoline prices to exceed 200 Yen per liter, Takaichi expressed her intention to maintain prices around 170 Yen through the use of government funds.

"We will continuously evaluate support measures to provide ongoing relief to the public, even if the situation in the Middle East escalates," Takaichi affirmed.

Japan relies on over 90% of its oil imports from West Asia, making it vulnerable to disruptions in the Strait of Hormuz. This strategic waterway has seen the transport of oil and gas from Persian Gulf suppliers obstructed due to tensions following US and Israeli strikes on Iran in February.

The Strait of Hormuz is a crucial passage linking the Gulf to the Arabian Sea, serving as one of the world’s primary oil transit chokepoints. A substantial portion of crude exports from Gulf producers traverses this route, making any threat to it a critical concern for global energy markets.

As of the end of December, Japan's oil reserves totaled 470 million barrels, enough for 254 days of domestic usage, with 146 days held by the government, 101 days by the private sector, while the remainder is collaboratively stored with oil-producing nations, according to Kyodo News.

The current conflict escalated after joint US-Israel strikes on Iran on February 28, prompting Iran to retaliate with drone and missile attacks targeting US assets, regional capitals, and allied forces in West Asia.