Lee Vows to Defend Oil Price Cap Amid Middle East Unrest

South Korean President Lee Jae-myung has instructed officials to maintain the oil price cap and preserve fuel tax cut policy measures in response to the deteriorating Middle East situation. Speaking during a state visit to Brazil, Lee stated that 'the Middle East situation has become unstable again, causing international oil prices to fluctuate,' and emphasized the need for preemptive efforts to minimize the impact on domestic prices.

Lee also took aim at oil refiners caught engaging in collusion worth tens of trillions of won during this Middle East war. He urged 'relevant authorities' to crack down on market-disrupting activities, such as hoarding and collusion, so that cases do not occur not only in oil but also in other essential livelihood items.

The President listed various groups highly dependent on diesel, including truck and construction machinery drivers, farmers, fishermen, and mobile workers, who will continue to be supported by measures to ease the burden. He emphasized the importance of 'looking at people's lives in concrete detail' during this challenging time.