South Korea’s president calls for 'emergency response system' to cope with impacts from oil shortages

ISTANBUL

South Korean President Lee Jae Myung called Tuesday on his administration to "preemptively" implement an "emergency response system" to cope with concerns over oil and gas supplies as the US-Israeli war against Iran drags on and disruptions in global energy markets continue, local media reported.

Speaking at a Cabinet meeting, Lee also asked for the swift passage of an extra budget to help small and medium-sized firms and vulnerable households hit by soaring energy prices, Yonhap News Agency reported.

As the impact of the war in the Middle East continues to grow, the faster a “wartime supplementary budget” is prepared and passed, the greater its effect will be," he said.

Lee urged ministries to “conduct comprehensive reviews of items at risk of supply disruption, assess their potential impact, and identify alternative supply sources to draw up robust contingency plans and prevent a worst-case scenario,” the report said.

The government introduced a temporary fuel price cap system on March 13 to help stabilize the energy market, with adjustments to be made every two weeks.

A second round of the oil price cap system is scheduled for Friday.

Lee also warned against profiteering in times of crisis as prosecutors on Monday launched an investigation into allegations that local refiners colluded to set oil prices in the domestic market.

Calling for public support for energy-saving efforts, he urged public institutions to implement vehicle rotation schemes based on license plate numbers every five days and encouraged people to use public transportation.

ISTANBUL

As the impact of the war in the Middle East continues to grow, the faster a “wartime supplementary budget” is prepared and passed, the greater its effect will be," he said.

The government introduced a temporary fuel price cap system on March 13 to help stabilize the energy market, with adjustments to be made every two weeks.

A second round of the oil price cap system is scheduled for Friday.

Lee also warned against profiteering in times of crisis as prosecutors on Monday launched an investigation into allegations that local refiners colluded to set oil prices in the domestic market.