Koo Yun-cheol: "Naphtha to Be Designated an Economic Security Item This Week to Ease Export Restrictions"

[Financial News] The government plans to designate Naphtha as an economic security item within this week.
At a meeting of the State Council of South Korea held at Government Complex Sejong on the 17th, Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol said, "Naphtha is scheduled to be designated as an economic security item within this week," adding, "The government will do its utmost to resolve the difficulties through measures such as export restrictions."
Koo Yun-cheol explained, "In addition to overseas shipping costs, we will introduce an emergency logistics voucher that covers war risk surcharges, return logistics costs, demurrage incurred locally, and detour shipping expenses to help ease the burden," and added, "We will also provide support quickly through a fast-track process."
He went on to say, "We will draw up an extra budget for stabilizing people’s livelihoods and supporting economic recovery as quickly as possible so that it can pass the National Assembly without delay," adding, "The package will include measures to reduce logistics and fuel costs, stabilize the livelihoods of small business owners and farmers and fishers, and support export companies that have suffered damage."
Koo Yun-cheol added, "In particular, as the president has emphasized, we will provide support, but we will design measures that offer more targeted and differentiated direct assistance so that the most vulnerable areas receive denser and stronger support."
He stressed, "By inspecting how the price cap system is being implemented on the ground, we will make sure that lower fuel prices actually benefit consumers," and stated, "Watching future oil price trends, we will seek to stabilize prices through direct subsidies and cuts in fuel taxes."
Koo Yun-cheol also stated, "Although the situation is difficult, we will try to keep public utility charges frozen as much as possible in the first half of the year," adding, "We will work to stabilize the everyday economy by expanding discount programs for agricultural, livestock, and fishery products."

syj@fnnews.com Seo Young-jun Reporter