Japan previously resorted to this measure only in the event of natural calamities or disruptions in overseas supplies caused by an unstable political situation. The step is being considered as a tool for stabilising prices for the first time.
The country's oil is kept at national oil reserves and at private oil firms. In late September, Japan possessed oil reserves sufficient for 242 days of consumption, according to the media.
An increase in global oil prices has led to record-high fuel prices in Japan, and the government decided to pay oil companies five extra yen ($0.044) per one litre of fuel produced if the gasoline price exceeds 170 yen per litre, starting December 2021.