South Korea Stabilizes Domestic Oil Prices Amid Global Volatility

President Lee Jae Myung recently addressed concerns about rising international oil prices, saying 'People, don't worry. Refined oil prices such as gasoline and diesel continue to stabilize.'

He shared an article on X (formerly Twitter) that predicted whether domestic oil prices would remain stable amidst soaring international oil prices due to prolonged tensions in the Middle East.

The President stated that South Korea has diversified its crude oil import sources by strengthening diplomatic efforts, including dispatching a special oil envoy. As a result, the country's dependence on the Middle East for crude oil imports has decreased from 70% to 50% in just a few months due to subsidized long-distance transportation costs.

The President also mentioned that South Korea is maintaining stability in crude oil supply through the introduction of the strategic reserve oil swap system. Additionally, he emphasized the importance of the highest price system and export volume control in keeping domestic refined oil prices stable.