Middle East Oil Price Surge Rattles Korean Fishermen

"If oil prices keep rising because of the war, it will inevitably become a long-term burden. I'm anxious that customers might stop coming if we're forced to raise seafood prices."

Mr. Lee, a 62-year-old fisherman at Sorae Port fish market in Namdong-gu, Incheon, did not hide his anxiety about soaring oil prices when interviewed at 11 a.m. on the 9th. He fears that raising product prices could drive away the few remaining customers. "Business is already difficult because the quality and quantity of goods aren't good," Lee sighed.

The ripple effects of rising oil prices due to Middle East instability are reaching fishing communities. As Lee described, Sorae Port fish market appeared quieter than usual that day. Scenes of merchants refusing customers' requests for extra portions, saying "oil prices have gone up so there's no margin left," were observed throughout the market.

Tax-exempt fuel prices used by fishermen have already begun climbing. Mr. Ha, a fisherman from Yeongdeok, North Gyeongsang Province, said he received a text message that the National Federation of Fisheries Cooperatives' tax-exempt diesel price rose by 13,000 won to 180,000 won per drum (200 liters) in March, up from 167,000 won last month. "Large vessels that consume a lot of fuel are extremely sensitive to this increase," he said.

Industry insiders warn that if this upward trend steepens, large vessels will likely halt operations first. Unlike small fishing boats with shorter operating hours, large vessels consume thousands of liters of diesel weekly during operations.

If operations cease, not only boat owners but fishing workers' incomes overall would suffer. "When oil prices rise significantly above a certain level, large squid jigging vessels simply stop operating," Ha explained. "When the economics don't work out no matter how much they catch and owners start losing money, crew members have no choice but to dock and rest."

Distribution companies also express concerns about financial difficulties. Firms locked into long-term supply contracts with large buyers face direct profit erosion from sudden fuel cost increases. One seafood wholesaler lamented, "When oil prices rise, fishing equipment prices like nets also increase, which will inevitably push up overall seafood prices."