South Korea’s Leader Urges Early Emergency Response to Safeguard Oil
During a Cabinet meeting, Lee emphasized the need for swift approval of an additional budget aimed at supporting small and medium-sized businesses as well as vulnerable households struggling with rising energy costs. He stressed that acting quickly would maximize the benefits of what he described as a “wartime supplementary budget,” stating, "As the impact of the war in the Middle East continues to grow, the faster a “wartime supplementary budget” is prepared and passed, the greater its effect will be."
Lee also instructed government agencies to thoroughly examine goods that could face supply interruptions, evaluate the potential consequences, and secure alternative sources to ensure stability. He called on ministries to “conduct comprehensive reviews of items at risk of supply disruption, assess their potential impact, and identify alternative supply sources to draw up robust contingency plans and prevent a worst-case scenario,” according to statements.
In an effort to manage volatility, the government had earlier introduced a temporary cap on fuel prices in mid-March, with revisions scheduled every two weeks. A second phase of this measure is expected to be implemented later this week.
The president further cautioned against exploiting the crisis for profit, noting that authorities have begun investigating allegations of price manipulation among domestic refiners. He also appealed for public cooperation in reducing energy consumption, encouraging the use of public transportation and recommending that public institutions adopt vehicle rotation systems based on license plate numbers every five days.
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