Lee urges swift action on oil price cap, energy tax adjustments, and direct consumer support

[The Financial News] President Lee Jae Myung of South Korea said on the 10th, in response to rising oil prices caused by escalating tensions in the Middle East, "We need to swiftly review the implementation of an oil price cap, adjustments to energy-related taxes, and direct support for consumers, as well as additional financial and fiscal assistance."
At the 9th meeting of the State Council of South Korea held that morning, President Lee stated, "As tensions in the Middle East intensify, uncertainty is rapidly spreading across the global economy, including in energy supply and demand, shipping, logistics, and financial markets." He added, "We must mobilize all national capabilities to minimize the impact of these external shocks on people’s livelihoods and on the broader economy and industry."
President Lee particularly emphasized price stability as the top priority. "The most urgent task is stabilizing prices," he said, noting, "Due to the steep rise in fuel costs, difficulties are mounting in areas directly tied to people’s everyday lives, such as freight transport, parcel delivery, food delivery, and greenhouse farming."
He went on to say, "I ask the government to actively devise policies that can meaningfully ease these burdens on people at the front lines of daily life and to implement them without delay."
He also remarked, "It is difficult to completely control external factors, but if we use a wide range of policy tools effectively, we can significantly reduce the pressure on the national economy and even turn this into an opportunity."
Calling the situation an emergency, he said, "Because this is an extraordinary situation, we must calm market anxiety with measures and speed that go beyond existing manuals and policies." He added, "I urge agile and preemptive responses so that, under any circumstances, people’s lives are not shaken and can instead be improved for the better."
west@fnnews.com Seong Seok-woo Reporter