The Japanese government is requesting wholesalers to change Dubai pricing to Brent pricing.

A document shows that the Japanese Ministry of Industry has requested domestic wholesalers to change the Dubai benchmark price to Brent crude oil pricing when setting gasoline prices in order to curb price increases. This measure adds a new tool to Japan's response to disruptions caused by the Iran war. These measures include partially releasing oil reserves and considering interventions in the crude oil futures market to address the vulnerability of the Japanese Yen. The Ministry of Economy, Trade and Industry has declined to comment on the document. The document states that the trading price for Brent crude oil futures is around $100 per barrel, cheaper than the Asian benchmark Dubai crude oil, so the switch will limit the rise in gasoline prices and recommends wholesalers to continue pricing based on Brent crude oil from now on. This kind of administrative guidance from the government does not have legal binding force, but companies typically comply with it.