Takaichi sanae: “Given the current situation in Iran, many of you may be feeling anxious about the supply of petroleum products such as gasoline, diesel, heavy fuel oil, and kerosene.

“With crude oil tankers effectively unable to pass through the Strait of Hormuz, crude oil imports to our country are expected to decrease significantly from around March 20 later this month.

“However, our country has approximately eight months’ worth of petroleum reserves held by both the public and private sectors combined, so there will be no immediate disruption to the stable supply of energy domestically.

“That said, in Japan—where dependence on the Middle East exceeds 90% and is exceptionally high compared to the rest of the world—we have taken the lead by releasing petroleum reserves today, in coordination with G7 countries and the International Energy Agency (IEA), to ensure that, under no circumstances, the supply of petroleum products like gasoline is disrupted.

“Additionally, starting from the 19th (this Thursday), we will begin subsidies to cap retail prices nationwide at approximately 170 yen for gasoline, 158 yen for diesel, 120 yen for heavy fuel oil used in large-scale industrial applications, and 134 yen for kerosene.

“We are also aware of concerns about rising electricity and gas prices. For household electricity and gas rates, prices are determined based on fuel import costs from two to four months prior, so they will not rise immediately.

“Even if the situation becomes prolonged, we will continue to flexibly review the nature of our support measures to ensure we can sustainably support people’s livelihoods without faltering.”