President Lee Reassures Citizens of Stable Fuel Prices Amid Global Volatility

South Korean President Lee Jae-myung sought to reassure citizens that domestic fuel prices would remain stable, despite global oil price fluctuations driven by Middle East instability.

Lee stated on his social media account that 'citizens have absolutely nothing to worry about regarding oil prices' and outlined measures to stabilize crude oil supply, including diversifying import sources and tapping strategic petroleum reserves.

He noted that by strengthening oil diplomacy and subsidizing shipping costs, the country's dependence on the Middle East had decreased from 70% to around 50% in a few months. Lee also emphasized the government's firm stance against market-disrupting behavior, citing the implementation of a price ceiling and export volume controls.

The president acknowledged that refiners were enjoying record-high profits due to the surge in international refined oil prices and stated that the government was compensating them for losses incurred by domestic price and export controls. Lee expressed concern over the ongoing Middle East crisis but reassured the public that measures would be taken to secure the safety of crude oil shipping routes, vessels, and crew.