22nd March 2026 – (Sapporo) Rising tensions in the Middle East have sent global oil prices sharply higher, leaving import-dependent Japan grappling with surging fuel costs and sporadic shortages in some regions.
In Hakodate, Hokkaido, one petrol station recently drew attention after posting a notice apologising to customers for running out of fuel. The message attributed the shortage to policies linked to former US President Donald Trump, reflecting the frustration felt by some businesses as supply pressures mount.
According to Kyodo News, Iran’s move to block the Strait of Hormuz — a critical artery for global crude shipments — has disrupted oil transportation, driving Japan’s nationwide average retail petrol price to 190.80 yen per litre (approximately HK$9.43). That figure represents a rise of 29 yen compared with the previous week and marks a record high.
In response, the Japanese government has pledged to reinstate fuel subsidies with the aim of keeping prices closer to 170 yen per litre (around HK$8.40). Officials confirmed on Monday, 16 March, that strategic petroleum reserves would be released in an effort to stabilise domestic supply and ease market volatility.
Japan sources roughly 95 per cent of its imported crude oil from the Middle East, leaving it particularly vulnerable to geopolitical shocks in the region. An earlier government bulletin acknowledged that national petroleum reserves were declining and instructed stockpile managers to release part of their holdings in order to comply with updated reserve requirements.
AloJapan.com