President Lee: "There Is Absolutely No Need to Worry About Oil Prices... Gasoline and Diesel Prices Will Remain Stable"

[Financial News] President Lee Jae Myung emphasized price stability on the 12th regarding the surge in international oil prices caused by uncertainty in the Middle East, saying, "The people do not need to worry at all about oil prices."
Amid a sharp rise in international oil prices due to prolonged tensions in the Middle East, President Lee shared on X, formerly Twitter, an article forecasting whether domestic oil prices would remain stable. He wrote, "People, don't worry. Prices of refined oil products, including gasoline and diesel, will remain stable."
President Lee said, "By diversifying crude oil import sources through stronger crude-oil diplomacy, including the dispatch of special envoys for crude oil, and by subsidizing long-distance crude oil transportation costs, we have already reduced our dependence on Middle Eastern crude from 70% to the 50% range in just a few months. We will continue to pursue import diversification vigorously."
He added, "By introducing a strategic oil-stockpile swap system, we are also maintaining stable crude oil supplies without depleting strategic reserves."
President Lee stressed, "Although crude oil and international refined-oil prices are surging, domestic refined-oil products are maintaining stable prices and supply without difficulty through the price ceiling system and controls on export volumes."
He added, "We are thoroughly blocking market disruption by completely preventing hoarding and collusion, while maintaining a system of good-faith competition, including the selection of 'very good gas stations.'"
President Lee explained, "Domestic refiners are enjoying a boom at an unprecedented level because they are earning substantial profits from the surge in international refined-oil prices, while the government compensates them for losses resulting from controls on domestic prices and export volumes. The Republic of Korea can overcome the current crisis sufficiently. Not only that, we are turning it into an opportunity instead."
However, he said, "Our dependence on the Middle East for crude oil imports remains high at 50%, while no one knows when the war will end and the crude oil market is sinking into a quagmire. We will do our utmost to secure smooth crude oil transportation routes and ensure the safety of crude oil vessels and their crews."
He continued, "I thank the people for cooperating with state affairs and working together for a better future despite the difficult circumstances."
President Lee's message is interpreted as reiterating his determination to minimize the impact of prolonged instability in the Middle East on domestic oil prices by diversifying crude oil import sources and managing prices and supply.
[email protected] Choi Jong-geun Reporter