As the government implements the "second oil price ceiling" on the 27th to respond to an energy supply crisis stemming from the Middle East situation, President Lee Jae-myung said, "I ask gas stations to set reasonable prices so that the second price ceiling on refiners' supply prices works effectively on the ground."
On the afternoon of the 26th, Lee wrote on X (formerly Twitter), "We will respond strictly to acts that take unfair profits through collusion or hoarding by exploiting the crisis." Lee also asked the public to actively take part in measures such as the odd-even driving restriction for public sector vehicles, using public transportation, and saving electricity.
Earlier that day, Lee visited the Korea National Oil Corporation (KNOC) stockpile base in Seosan, South Chungcheong, and met with petrochemical industry officials. Lee said, "It is a difficult situation, but it is not something only we are experiencing; the whole world is going through it at the same time," adding, "To overcome this problem, there will be quite a lot that the private sector and the government, and also corporations, need to do together by pooling their strength."
The government plans to swiftly execute a 25 trillion won supplementary budget after a Cabinet meeting next week. The budget plan includes cuts to fuel and logistics costs, stabilization of livelihoods for vulnerable groups, and support for export corporations hit by losses. In particular, it decided to include in the supplementary budget a program to compensate refiners for losses resulting from the price ceiling. It also includes funds to expand oil stockpiles, secure naphtha supplies, and provide strategic items such as rare earths.