World News | Japan Mulls Releasing Oil Reserves to Respond to Increasing Prices: Reports

Tokyo [Japan], November 20 (ANI/Sputnik): The Japanese government is considering to release crude oil reserves to curb the oil prices growth, Japan's Kyodo news agency said on Saturday, citing sources.

Previously, Japan resorted to this measure only in case of natural calamities or disruptions in overseas supplies caused by unstable political situation. Consequently, the step is being considered as a tool of stabilizing the prices for the first time.

Also Read | Pakistan Lifts Ban on TikTok After Assurances to Control 'Immoral & Indecent’ Contents.

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.

The increase in global oil prices has led Japan to record high prices for fuels, and the government decided to pay out oil companies extra five yens ($0,044) per one liter of the fuel produced, if gasoline price exceeds 170 yens per liter, starting December 2021. (ANI/Sputnik)

Also Read | Female Worker Alleges women face ‘Rampant Sexual Harassment’ in Tesla, Files lawsuit.

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)