Koo Yun-cheol, Deputy Prime Minister and Minister of the Ministry of Economy and Finance, said regarding the seventh oil price ceiling, "We will lower it from the current level but keep the system in place until petroleum consumer prices stabilize."
Deputy Prime Minister Koo said at the Emergency Economic Headquarters meeting and the Economy-Related Ministers' Meeting and the Task Force (TF) meeting on special management of essential living costs held at Government Complex Seoul on the 26th, "We are preparing for economic normalization after the Middle East war," making the remarks. Detailed measures related to the seventh oil price ceiling are scheduled to be announced at 7 p.m. that day.
Koo also said, "We will inject 1 trillion won in fiscal funds to discount agricultural, livestock and fishery products, ease the burden of essential living costs, and support small businesses hit by high oil prices, and will do our best to keep consumer inflation within 3% in the second half."
Koo said, "We will freeze major public utility rates such as electricity and gas in the second half," adding, "We will temporarily exempt the LPG butane sales levy until the end of the year, and for households receiving energy vouchers that use kerosene or LPG, we will provide an additional 147,000 won so the current vouchers can be used from Oct. to May next year."
He went on, "To stabilize egg prices, we will additionally import 200 million fresh eggs, more than six times the previous volume," adding, "We will directly import 2,000 tons (t) of Norwegian mackerel to supply at low prices, and the government will purchase domestically produced export volumes itself to offer them to consumers at half price."
He also said, "We will double the 'Small business hope Dream' loan program from 1.5 trillion won to 3 trillion won," adding, "We will strengthen incentives such as additional discount cashback support for 'good price' businesses."