With naphtha-made products still in short supply, Prime Minister Sanae Takaichi's government faces questions over using two laws to punish hoarders.
Prime Minister Sanae Takaichi is reluctant to resolve the naphtha bottleneck by enforcing laws. The government faces questions on using two laws to punish hoarders amid ongoing shortages of naphtha-made products. The issue ties into broader supply chain concerns linked to the Middle East and oil.
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South Korea will restrict naphtha exports starting Friday due to supply shortages from the Middle East conflict. The measure follows U.S. and Israeli airstrikes on Iran that have effectively closed the Strait of Hormuz. The government plans support including expanded low-interest loans for domestic firms.
Designated trash bags are running low in parts of Japan. Reports of a naphtha shortage have prompted some residents to hoard the bags required for waste disposal in certain areas.
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Japan has secured enough petroleum-derived naphtha—key for manufacturing medical supplies and consumer goods—to last into 2027, easing shortage fears amid escalating Middle East tensions including the Iran war.
Following the neutralization of the Fuel Price Stabilization Mechanism (Mepco), President José Antonio Kast's government has promulgated a law providing relief measures against historic fuel price surges triggered by the war in Iran. Finance Minister Jorge Quiroz emphasized fiscal responsibility, detailing bonuses for transporters and paraffin price cuts.
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Prolonged disruption to energy flows via the Strait of Hormuz has reduced naphtha availability, a key ingredient for plastic packaging. This is set to drive up food prices in Japan. The Japan Times reports.
The Senate's probe into the government's response to the Middle East crisis is targeting oil companies for potential profiteering as fuel prices rise sharply. Sen. Sherwin Gatchalian voiced concerns over firms selling old fuel stocks at elevated prices. Sen. Bam Aquino called for a price freeze on essential goods.
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Japan's government plans to temporarily lift restrictions on coal-fired power plants to address an energy crunch from the Middle East war. Officials presented the plan to a panel of experts, who approved it, the industry ministry said. The measure allows full operation of older, less efficient coal plants for a year starting in the new fiscal year from April.