Japan’s industry ministry has asked domestic fuel wholesalers to switch from Dubai crude pricing to Brent benchmarks when setting gasoline prices, according to a document seen by Reuters.
The directive, issued by the Ministry of Economy, Trade and Industry, is aimed at containing rising fuel costs as global energy markets remain volatile amid disruptions linked to the Iran conflict.
Japan, which relies on the Middle East for more than 90% of its oil imports, has been deploying a range of measures to manage supply shocks and price pressures. These include the partial release of strategic oil reserves and consideration of intervention in crude oil futures markets to stabilise the yen.
The ministry declined to comment on the document.
According to the proposal, wholesalers are being encouraged to continue pricing gasoline based on Brent crude oil rather than the Dubai crude oil benchmark, as Brent futures are currently trading at around $100 per barrel lower than Dubai crude.
Erizia Rubyjeana
Follow us on:
