Koo Yun-cheol: "The fourth ceiling price will be announced at 7 p.m.... We will do our best to ensure a stable crude oil supply"

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[Financial News] Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, said on the 23rd that "the fourth ceiling price, which will take effect at 0:00 on April 24, will be announced at 7 p.m. after consultations with relevant agencies, including discussions at today's meeting, taking into account global oil price trends, petroleum consumption, fiscal burden, and the burden on households."
\r\nAt the meeting, which he chaired at Government Complex Seoul, Koo said at the seventh meeting of the ministerial task force on special management of consumer prices that "the government is doing its utmost to ensure a stable crude oil supply by securing 118 million barrels of substitute crude oil for April and May and smoothly supplying 32 million barrels of strategic oil reserves requested by refiners."
Koo explained that "since February 27, the government has been operating a public suggestion channel on items that place a heavy burden on everyday prices, in cooperation with the Korea National Council of Consumer Organizations," adding that "a total of 117 suggestions have been received so far."
He also said that "the public identified food, energy, housing, and telecommunications costs as areas with a heavy price burden," and added that "they also suggested stronger sanctions against unfair pricing and measures to stabilize prices."
Koo said that "the government has so far reflected public concerns by introducing measures to stabilize prices, including improvements to the management fee system for non-apartment housing and a restructuring of telecom rate plans. It will also do its utmost to stabilize consumer prices by investing 32 billion won from April to June to offer discounts of up to 50 percent on major agricultural, livestock, and fishery products," adding that "in particular, we will expand the tax cut on butane, a fuel used by low-income households, from the current 10 percent to 25 percent and extend the application period by two months until the end of June."
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syj@fnnews.com Seo Young-joon Reporter