According to reports, a panel of experts from Japan's Ministry of Economy, Trade and Industry approved a proposal on Monday to establish a subsidy program to support enterprises in diversifying the supply sources of crude oil and naphtha. The proposal is part of Japan's measures to reduce its dependence on imported petroleum products through the Strait of Hormuz, and is expected to be incorporated into the government's upcoming energy diversification policy plan. The plan will be used to cover additional costs incurred by businesses to avoid the Strait of Hormuz. The Japanese government will levy fees on all companies that import crude oil and naphtha, and use the collected funds to fund the subsidy program. Firms that prioritize procurement through the Strait of Hormuz will bear a higher cost burden. Meanwhile, the panel of experts also confirmed that the national oil reserve plan, which includes naphtha, will return to a level equivalent to 90 days of consumption by the end of March 2028.

According to reports, a panel of experts from Japan's Ministry of Economy, Trade and Industry approved a proposal on Monday to establish a subsidy program to support enterprises in diversifying the supply sources of crude oil and naphtha. The proposal is part of Japan's measures to reduce its dependence on imported petroleum products through the Strait of Hormuz, and is expected to be incorporated into the government's upcoming energy diversification policy plan. The plan will be used to cover additional costs incurred by businesses to avoid the Strait of Hormuz. The Japanese government will levy fees on all companies that import crude oil and naphtha, and use the collected funds to fund the subsidy program. Firms that prioritize procurement through the Strait of Hormuz will bear a higher cost burden. Meanwhile, the panel of experts also confirmed that the national oil reserve plan, which includes naphtha, will return to a level equivalent to 90 days of consumption by the end of March 2028.