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Japan to Unilaterally Release Oil Reserves to Combat Rising Gas Prices

3/12/2026

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Summary

Story summary

Japan's Prime Minister Sanae Takaichi announced plans to release oil reserves unilaterally starting March 16 to curb gasoline prices amid escalating tensions in the Middle East.
The move departs from cooperative stance among International Energy Agency (IEA) members.
Gasoline prices are at 161.8 yen per liter, highest in three months.
The government will pursue measures to blunt price hikes, while crude prices could slow the economy and complicate Bank of Japan decisions.

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Story summary

Japan's Prime Minister Sanae Takaichi announced plans to release oil reserves unilaterally starting March 16 to curb gasoline prices amid escalating tensions in the Middle East.
The move departs from cooperative stance among International Energy Agency (IEA) members.
Gasoline prices are at 161.8 yen per liter, highest in three months.
The government will pursue measures to blunt price hikes, while crude prices could slow the economy and complicate Bank of Japan decisions.