South Korea's finance minister vowed to diversify import sources and enhance diplomatic efforts to stabilize energy prices amid geopolitical uncertainties. The government will closely monitor crude oil supplies and extend fuel tax cuts through November to ease public burden.
The South Korean government's focus on energy price stability and import diversification is crucial for its economy, which is heavily reliant on imported energy. Measures like extended fuel tax cuts and holiday discounts aim to mitigate inflationary pressures on consumers and businesses, supporting domestic demand.
SEOUL, Sept. 18 (Yonhap) -- South Korea's finance minister pledged on Friday to bolster diplomatic efforts and diversify energy import sources to combat recent price volatility driven by geopolitical tensions in the Middle East. Finance Minister Koo Yun-cheol stated during an economy-related ministers' meeting that the government intends to remain vigilant and maintain an emergency response system to ensure stable energy supply and pricing. He added that proactive diplomatic engagement, diversification of import sources, and strategic oil reserve swaps are expected to keep the energy supply stable in the near term. A dedicated monitoring team, in collaboration with the oil refining industry, will track crude oil supplies on a daily basis to enable prompt action. In an effort to alleviate the financial burden on the public, the government also announced an extension of its fuel tax cut program by two months, through November. Additionally, during the Chuseok holiday period from September 24-27, major highway gas stations will offer a discount of 100 won (US$0.07) per liter compared to Thursday's prices. This meeting marked Koo's final address as finance minister.