Gov't to closely monitor energy price volatility, vows diversification

Finance Minister Koo Yun-cheol pledged on Friday to diligently monitor energy price fluctuations and broaden the country's import sources to cope with recent volatility caused by geopolitical tensions in the Middle East, according to a statement from the Ministry of Finance.

During a meeting of economy-related ministers in Sejong, Koo emphasized that global oil prices have recently surged due to geopolitical uncertainties. He assured that the government will vigilantly maintain an emergency response system to ensure the stable management of energy supplies and prices.

Koo noted that, for now, the energy supply is expected to remain stable due to the government's proactive diplomatic efforts, diversification of import sources, and a strategic swap of oil reserves. To ensure the smooth operation of the supply chain, the finance minister announced the formation of a monitoring team in collaboration with the oil refining industry. This team will track crude oil supplies on a daily basis and promptly implement necessary measures as required.

Furthermore, the government announced that the fuel tax cut scheme will be extended by an additional two months, until November, to alleviate the financial burden on consumers.