Prime Minister Kim Min-seok on Monday said "upward pressure is being exerted on prices across the board due to rising international oil prices," instructing the Ministry of Economy and Finance and other relevant ministries to "closely monitor price trends of related items such as petrochemical products, as well as agricultural, fisheries and food products closely tied to people's daily lives, and devise price stabilization measures."
Kim made the remarks while chairing an emergency economic task force meeting at the Government Complex in Seoul, adding that "the government must do its utmost on price management."
"Through government efforts and cooperation with the public and businesses, the supply and demand of major items such as crude oil and naphtha has continued to remain relatively stable," Kim said. "We have secured supply volumes at around 80 percent for crude oil and 90 percent for naphtha." He stressed, however, that "it is still too early to feel reassured," adding that "this is the time to make efforts to secure additional volumes through measures such as diversifying import sources."
Regarding the response to high oil prices, Kim said, "Starting on the 18th, high oil price relief payments will be provided to 70 percent of the population," urging officials to "thoroughly prepare so that the public experiences no inconvenience during the application and use process."
Kim also noted that "a trend is emerging of people choosing domestic regional travel instead of overseas trips. The travel balance posted a surplus in March for the first time in 11 years and four months." He added that "various measures must be devised so that tourism revitalization can take root as a growth driver rather than a temporary phenomenon."
