Prime Minister Kim Min-seok said on the 22nd, "The government will carefully and fully consider the positive effects of the oil price cap and various opinions to decide whether to implement it for a fourth round."
Kim said this while presiding over the Emergency Economic Headquarters meeting at 8:30 a.m. at Government Complex Seoul, saying, "The third round of the price cap ends tomorrow, and we will soon decide whether to implement a fourth round," and stated accordingly.
Kim said, "Some have various opinions about the effectiveness of the oil price cap," adding, "What is clear is that the implementation of the price cap has shown positive effects, including preventing price surges, easing the contraction of consumption, and mitigating the shock to groups sensitive to oil prices such as truck drivers."
Kim said, "Those who feel the damage from the prolonged Middle East war the greatest and first are small and midsize businesses and working-class households," adding, "The government will actively communicate and devise measures so that the supplementary budget can provide practical help to small and midsize businesses and ordinary people."
Kim said, "The COVID-19 crisis became an opportunity to improve the disease-control system and actively foster the biopharmaceutical industry," adding, "Each ministry should monitor the situation of supply chain diversification, energy transition, and expansion of the circular economy, and, with an eye to the future, join in identifying tasks to break away from the traditional fossil-fuel-dependent economy and move toward change and innovation."