Gov't to closely monitor energy price volatility, vows diversification
The finance minister on Friday vowed to make diplomatic efforts and diversify import sources to address recent energy price volatility amid geopolitical uncertainties in the Middle East. Finance Minister Koo Yun-cheol made the remarks during a meeting of economy-related ministers in the central city of Sejong, pointing out that global oil prices have recently risen sharply amid geopolitical…
Finance Minister Koo Yun-cheol pledged diplomatic efforts and energy source diversification to counter recent energy price fluctuations caused by Middle Eastern geopolitical tensions on Friday. Addressing an economy ministers' conference in Sejong, Koo highlighted the recent sharp surge in global oil prices due to geopolitical uncertainties. The government vowed to remain vigilant and implement an emergency response system to stably manage energy supply and pricing, Koo stated during the meeting.
Koo assured that energy supply should remain stable for now, thanks to proactive diplomatic actions, diversified import sources, and strategic oil reserve swaps. To monitor daily crude oil supply, a vigilance team will collaborate with the oil refining industry, with ministers ready to take prompt action if needed. Additionally, the government announced extending the fuel tax cut scheme for two more months, until November, to alleviate price impacts on consumers.
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