Tokyo: Japan will release its oil reserves as early as Monday amid soaring crude oil prices, Prime Minister Sanae Takaichi said Wednesday. This decision comes in response to significant disruptions in oil imports as oil tankers find it nearly impossible to navigate through the Strait of Hormuz.

According to Philippines News Agency, Prime Minister Takaichi emphasized that Japan will not wait for an official international agreement on a coordinated release of oil reserves. The Japanese government plans to deploy 15 days' worth of private oil reserves and an additional month's worth of state reserves, alongside utilizing joint reserves with oil-producing countries. This initiative marks Japan's first independent release of its oil reserves.

Takaichi also mentioned that she has directed Industry Minister Ryosei Akazawa to take immediate emergency measures to stabilize retail gasoline prices at or below 170 yen per liter on average nationwide. She acknowledged the potential for gasoline prices to surpass 200 yen per liter.

The government aims to use a related fund to finance these emergency measures, which will extend to kerosene, gas oil, and fuel oil. Prime Minister Takaichi acknowledged the unpredictability of the Middle East situation and assured that the government would consider flexible support if the crisis persists.