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Japan starts releasing state oil reserves to blunt impact of West Asia tensions

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Tokyo, March 26: Japan began releasing 30 days’ worth of oil from state reserves on Thursday to cushion the impact of the West Asia conflict on its economy, as concerns over supply mount and oil prices soar, local media reported.

The move came after the country started drawing down 15 days’ worth of oil from private-sector stockpiles last Monday, reports Xinhua news agency

The government plans to sell a total of about 8.5 million kiloliters of oil from 11 storage bases across the country, according to Kyodo News.

Japan will also begin to tap joint oil reserves held in the country by three Middle Eastern nations, including the United Arab Emirates, with five days’ worth to be released by next Tuesday for supply to oil wholesalers.

Japan relies on the Middle East for more than 90 per cent of its crude oil imports, leaving it highly vulnerable to the effective closure of the Strait of Hormuz following the outbreak of the Middle East conflict in late February. The disruption has driven sharp rises in both crude oil and retail gasoline prices in the country.

In addition to tapping oil reserves, the Japanese government also resumed gasoline subsidies to cap fuel costs for consumers. The measure has brought the average retail price for regular gasoline down to 177.7 yen (about 1.11 US dollars) per litre from a record high of 190.8 yen last week, according to Kyodo News.

As of the end of 2025, Japan held an oil reserve equivalent to 254 days of domestic demand.

The impact of the tensions in West Asia is being seen in several nations.

Meanwhile, in the Philippines, President Ferdinand Romualdez Marcos on Wednesday signed a law allowing the government to temporarily suspend or cut fuel excise taxes on petroleum when global oil prices reach a set threshold.

Republic Act No. 12316 authorises the president, upon the recommendation of the Development Budget Coordination Committee and in coordination with the Secretary of the Department of Energy, to act when the average price of Dubai crude oil reaches or exceeds 80 U.S. dollars per barrel for one month.

Under the law, any suspension or reduction of fuel excise taxes may be implemented for up to three months at a time, but not exceeding a total of one year.

The tax rates will automatically revert to their original levels either one week after the one-month average Dubai crude price falls below 80 US dollars per barrel, or after three months have elapsed, whichever comes first.

The measure is designed to give the government a flexible tool to cushion the impact of rising fuel costs on consumers and the broader economy.

The act will take effect in 15 days, and the authority granted to the president under the measure will remain in effect until December 31, 2028.

International News

Iran to pursue US seizure of commercial ship during truce in international courts: official

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Tehran, Oct 3: A senior Iranian shipping official has said the country will pursue in international courts the US attack on and seizure of one of its container ships, which took place in April during the ceasefire between Tehran and Washington, the official news agency IRNA reported Saturday.

Mohammad-Reza Modarres Khiabani, CEO of the Islamic Republic of Iran Shipping Lines, made the remarks at a meeting in Tehran while describing as a “war crime” the US forces’ boarding and seizure of the Iranian-flagged vessel Touska off the coast of Iran’s southeastern Chabahar port in the Gulf of Oman on April 19, said the report.

He said the ship was carrying medicines related to the Iranian Red Crescent Society and dialysis patients, noting that attacking a commercial ship during the ceasefire constitutes a “war crime and violation of the truce,” Xinhua News Agency reported.

He also said that the imposition of any form of naval blockade violated international law and constituted a “hostile” act, alleging that the US Navy struck Touska’s engine room and took 28 crew members hostage.

Meanwhile, US President Donald Trump declined to reveal his next move on Iran, saying the situation was “working out very well” and predicting that the conflict would not last long.

Trump made the remarks while speaking to reporters at the White House before departing aboard Marine One.

Asked what his next step regarding Iran would be, Trump initially suggested that disclosing it would make major news.

“That’s very, oh, it’s — well, if I told you, you’d have a major story, right? But you’ll see. Working out very well. Iran is not doing well,” Trump said.

The President did not elaborate on what action his administration was considering or provide a timetable.

But later in the same exchange with reporters, Trump again referred to Iran while discussing global energy supplies and his efforts to get Europe to put more diesel into the market.

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Capt Smit Machchhar under excellent medical care, recovering well: Indian Embassy in UAE

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Abu Dhabi, Oct 3: Captain Smit Machchhar, the brave Indian pilot of flydubai flight FZ1073, is responding well to treatment and continues to receive medical attention, the Indian Embassy in the UAE said on Saturday.

The mission said it was coordinating with his family and local authorities. It also thanked the UAE government for the care being extended to him.

“Indian braveheart Capt. Smit remains under excellent medical care & is recovering well. We are in touch with his family & local authorities, extending support for a speedy recovery. Our thanks to UAE gov. for their care. We join well-wishers in praying for his good health,” the Indian mission posted on X.

Captain Machchhar was injured while preventing a mid-air attack on Wednesday aboard the flydubai flight from Dubai to Israel.

During the incident, another pilot stabbed Captain Machchhar and the aircraft began to plummet.

The Indian pilot fought the assailant bravely and opened the cockpit door, following which passengers rushed to assist, entered the cockpit and overpowered the attacker.

Once the attacker was subdued, the seriously wounded Indian pilot was stabilised until the aircraft made an emergency landing in Saudi Arabia.

Prime Minister Narendra Modi on Friday spoke with Captain Machchhar over a video call, praising his courage, presence of mind and composure during the mid-air incident in which he helped save the lives of passengers and crew members.

During the conversation, PM Modi said the country could proudly say that Indians are not those who take lives, but those who are willing to risk their own lives to save others.

PM Modi began the conversation by asking about Captain Machchhar’s health and said the entire country was praying for his speedy recovery.

“The whole country is praying for you. Maha Mrityunjaya Jaap is being performed for you and your health. Your courage, presence of mind and composure saved many lives. The country can proudly say that Indians are not those who take lives, but those who are willing to risk their lives to save others,” PM Modi said.

Captain Machchhar nodded and responded, “Yes, sir.”

The Indian pilot has also received recognition from across the world, with leaders and people lauding his bravery and actions that helped save hundreds of lives during the mid-air attack.

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Dubai Crown Prince visits Captain Machchhar, says brave Indian pilot embodies ‘highest degrees of courage’

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Abu Dhabi, Oct 3: Hamdan bin Mohammed, Crown Prince of Dubai and the Deputy Prime Minister of the United Arab Emirates (UAE), on Saturday visited the brave Indian pilot of flydubai flight FZ1073, Smit Machchhar, in the hospital and praised his courage.

“During a visit to Captain Smit Machchhar… the flydubai pilot who embodied the highest degrees of courage, responsibility, and care for human life. From us, and from the leadership of the nation, he has our full appreciation and praise. We are proud that he is part of our team… part of the story of our nation… and part of what the UAE stands for… a nation of compassion… a nation of peace… and a nation of life,” Hamdan bin Mohammed, who is also UAE’s Minister of Defence and Chairman of The Executive Council of Dubai, wrote on X after the meeting.

Earlier, the Indian Embassy in the UAE said Captain Machchhar is responding well to treatment and continues to receive medical attention.

The mission said it was coordinating with his family and local authorities. It also thanked the UAE government for the care being extended to him.

“Indian braveheart Capt. Smit remains under excellent medical care & is recovering well. We are in touch with his family & local authorities, extending support for a speedy recovery. Our thanks to the UAE gov. for their care. We join well-wishers in praying for his good health,” the Indian mission posted on X.

Captain Machchhar was injured while preventing a mid-air attack on Wednesday aboard the flydubai flight from Dubai to Israel.

During the incident, another pilot stabbed Captain Machchhar and the aircraft began to plummet.

The Indian pilot fought the assailant bravely and opened the cockpit door, following which passengers rushed to assist, entered the cockpit and overpowered the attacker.

Once the attacker was subdued, the seriously wounded Indian pilot was stabilised until the aircraft made an emergency landing in Saudi Arabia.

Prime Minister Narendra Modi on Friday spoke with Captain Machchhar over a video call, praising his courage, presence of mind and composure during the mid-air incident in which he helped save the lives of passengers and crew members.

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