Japan Ministers Discuss Steps against High Crude Oil Prices

Tokyo, Oct. 18 (Jiji Press)--Japanese cabinet ministers met Monday to discuss measures to address soaring crude oil prices, which are feared impacting the economy and people's livelihoods. The meeting at the prime minister's office came as the global crude oil supply struggles to meet demand, lifting gasoline prices in Japan to the highest level in around seven years last week. A surge in demand followed the reopening of economies around the world after the novel coronavirus pandemic, as well as a decision by oil-producing countries to forgo a substantial increase in production. Japanese Prime Minister Fumio Kishida instructed ministers to take measures against rising crude oil prices, in the morning the same day. "Relevant ministries and agencies will cooperate and respond flexibly to avoid obstacles," Chief Cabinet Secretary Hirokazu Matsuno said at the ministerial meeting. After the meeting, Minister of Economy, Trade and Industry Koichi Hagiuda told reporters that he will take "meticulous measures," such as considering setting up a hotline for small businesses struggling with rising crude oil prices. The Foreign Ministry said the same day that Foreign Minister Toshimitsu Motegi has sent Kuwait a request for higher oil production. The Japanese government will call on oil producers to boost production ahead of the November meeting of the OPEC Plus, comprising the member countries of the Organization of the Petroleum Exporting Countries and other producers such as Russia. The average retail price of regular gasoline in Japan stood as high as 162.10 yen per liter as of Oct. 11, and the upward trend is expected to continue for the time being. The price of kerosene, usually in high demand in winter, is also increasing. Many are concerned that crude oil prices will remain high for a long time. END