The Japanese government has requested wholesalers to switch the Dubai pricing to Brent pricing.

MaticHoleFiller · 2026-03-29T09:49:32+00:00

The Japanese Ministry of Industry has requested domestic wholesalers to change the gasoline pricing benchmark from Dubai crude oil to Brent crude oil in order to curb price increases. This move is one of the measures to respond to the impact of the Iran war, aiming to lower gasoline prices and address the weakness of the Japanese yen. Although government guidance is not legally binding, companies usually comply.

MaticHoleFiller

2026-03-29 09:49:32

Abstract generation in progress

A document shows that Japan’s Ministry of Industry has requested domestic wholesalers to change the pricing of gasoline from the Dubai benchmark price to the Brent crude oil price to curb rising prices.

This measure adds another tool for Japan (which relies on the Middle East for over 90% of its oil) to respond to disruptions from the Iran war. These tools include partially releasing oil reserves and considering intervention in the crude oil futures market to address the weakness of the yen.

The Ministry of Economy, Trade and Industry declined to comment on the document.

The document states that the trading price of Brent crude oil futures is about $100 per barrel, which is cheaper than the Asian benchmark Dubai crude oil, so the switch will limit the rise in gasoline prices and suggests that wholesalers continue to price based on Brent crude oil from now on.

This administrative guidance from the government is not legally binding, but companies typically comply.

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