Prime Minister Kim Min-seok said Tuesday that the government will decide whether to implement a fourth round of the oil price cap after thoroughly and carefully weighing its positive effects and various opinions.
Kim made the remarks while presiding over an emergency economic task force meeting at the Government Complex in Seoul. Regarding the third round of the oil price ceiling, he said, "While some have raised various views on its effectiveness, what is clear is that the implementation of the price cap has produced confirmed positive effects, including preventing price surges, easing a contraction in consumption, and cushioning the shock for groups sensitive to oil prices, such as truck drivers."
He added that small and medium-sized enterprises and vulnerable households are the first and hardest hit by the prolonged war in the Middle East. "The government will actively communicate and work to ensure that the supplementary budget provides practical help to SMEs and ordinary citizens," he said.
Kim also called for efforts to identify tasks that would help the economy move beyond its traditional reliance on fossil fuels through change and innovation, while addressing the damage caused by the protracted Middle East conflict.
