Press Conference by Minister Muto (Excerpt)

*Note: This is a provisional translation for reference purposes only.

8:33 to 8:37 a.m.
Tuesday, December 10, 2024
In front of the Cabinet Room, 2nd floor, National Diet Building

Opening Remarks

None

Question-and-Answer Session

OPEC Plus’s decision on extending the oil production reduction framework

Q: OPEC Plus held a ministerial meeting the other day and decided to extend the coordinated production reductions and to continue voluntary production reduction. And the government decided to decrease gasoline subsidies. Could you offer your view on how the retail price of gasoline will change?

A: I recognize that the retail price of gasoline is determined by the impacts of a complex combination of various factors, including crude oil prices, trends in currency exchange rates, and competitive environments.
Accordingly, I think it is difficult to make any comments about the potential impact of the OPEC Plus’s decision on the retail price of gasoline as it would be premature. Still, in any case, we will continue to pay close attention to trends in the retail price of gasoline.
Concerning the program to mitigate the impact of the increase in fuel oil prices, we have decided to take gradual steps toward an exit from the program in mid-December and mid-January. After this period, we would like to carefully assess the situation of crude oil prices and take appropriate steps.

Rebuilding a new nuclear power station after decommissioning of the existing ones

Q: Concerning the site for rebuilding a new nuclear power station after the decommissioning of the existing ones, some media reports stated that in the next Strategic Energy Plan, the government will present a policy which will allow operators to rebuild new reactor on new sites outside those where the existing stations are located—rather than limiting sites to those within the premises of the existing ones as the government decided before. Let me confirm if this is true, and could you comment on this matter?

A: As I have stated before, the council has been advancing deliberations on the next Strategic Energy Plan. We have not yet finalized any policies, including approaches to dealing with nuclear power stations. We will appropriately present a draft version of the next Strategic Energy Plan by the end of the year. I will provide a thorough explanation at that time.