METI expert panel approved a proposal to establish a subsidy scheme to help firms diversify crude oil and napatha supply away from the Strait of Hormuz, compensating extra costs of alternative routes, Yomiuri reports. The scheme would be funded by fees levied on all crude and napatha importers, with higher charges for firms that continue to prioritize imports via the Strait of Hormuz. The panel also confirmed Japan’s national petroleum reserve, including napatha, will be rebuilt to the equivalen

METI expert panel approved a proposal to establish a subsidy scheme to help firms diversify crude oil and napatha supply away from the Strait of Hormuz, compensating extra costs of alternative routes, Yomiuri reports. The scheme would be funded by fees levied on all crude and napatha importers, with higher charges for firms that continue to prioritize imports via the Strait of Hormuz. The panel also confirmed Japan’s national petroleum reserve, including napatha, will be rebuilt to the equivalent of 90 days’ consumption by end-March 2028.