Park Hong-keun, nominated as the new Minister of Economy and Finance, stated on Monday that a proposed supplementary budget bill should prioritize measures to stabilize energy supplies, including strategic oil reserves, in light of the ongoing instability in the Middle East.
“While a fuel price cap is currently in effect, the uncertainties surrounding the duration of the Middle East situation necessitate a supplementary budget,” Park explained during his parliamentary confirmation hearing.
In response to escalating global oil prices, the government has implemented a price cap on petroleum products supplied by refineries to gas stations, aiming to alleviate the financial burden on consumers caused by surging fuel costs and supply concerns stemming from the conflict.
The nominee emphasized that the supplementary budget should focus on securing critical resources for future supply chain resilience and diversifying supply routes, including increasing oil stockpiles.
Addressing concerns about the impact of trade disruptions with the Middle East on domestic businesses, Park confirmed that the Ministry of Economy and Finance is currently evaluating the demand for support and that specific measures to assist affected industries will be incorporated into the budget.
