Deputy Prime Minister and Minister Koo Yun-cheol, who also heads the Ministry of Economy and Finance, emphasized with regard to the continued trend of high oil prices after the Middle East crisis that "we should more proactively identify and utilize a variety of policy programs, not only by swiftly formulating and executing an extra budget, but also by leveraging finance, taxation, and regulation measures that do not require budget spending."
On the afternoon of the 22nd at Government Complex Seoul, Deputy Prime Minister Koo held a "meeting of related ministers on responding to high oil prices," saying, as the Middle East situation has continued into its third week, that "it is necessary for each ministry to more thoroughly review and push ahead with sector-by-sector response plans in preparation for a prolonged situation," and stated accordingly.
Koo said, "As there is concern that rising international oil prices could ripple through and add to overall inflationary pressures, please do your utmost on price stabilization measures for essential living costs, including thorough on-site inspections to ensure the settlement of the cap on petroleum product prices, freezes on public utility fees, expanded discount support for the 23 specially managed essential consumer items, and improvements to distribution structures."
Koo also said, "In light of public concerns over the supply and demand of items with high dependence on energy and the Middle East, we should swiftly elaborate and announce energy supply management plans, including expanding alternative power generation and saving energy," adding, "Work closely with industry to meticulously examine the supply of key items such as naphtha and urea, and promptly prepare additional measures if necessary."
Lastly, Koo said, "As important as swiftly establishing measures is executing them well on the ground," ordering, "For projects jointly pursued by multiple ministries, such as export support for small and midsize enterprises, strengthen the institutional sector one-stop support system, and devise supplementary measures to shorten support periods as much as possible, including by creating a fast-track."
Meanwhile, the meeting was attended by related ministries, including the Ministry of the Interior and Safety, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, and the Ministry of Employment and Labor (MOEL), as well as the Financial Services Commission and the Korea Fair Trade Commission.