TOKYO (Reuters) -Japanese Prime Minister Shigeru Ishiba said on Thursday the government will act to mitigate any impact from a potential surge in gasoline prices due to the Middle East conflict, implementing a preventative measure starting June 26.
The government will ensure the nationwide gasoline price on average would not exceed around 175 yen ($1.20) per litre, Ishiba said.
Japan already implemented a subsidy aiming to bring down gasoline prices by 10 yen per litre to curb rising energy prices.
The country is among the most vulnerable to any supply disruption in the Middle East as it is resource-poor and relies on imports for most of its crude oil, with over 90% sourced from the Middle East.
Japan maintains a large national reserve of oil to limit any disruption to supplies.
($1 = 145.3300 yen)
(Reporting by Satoshi Sugiyama and Mariko Katsumura; Editing by Emelia Sithole-Matarise, Elaine Hardcastle)
