"Control Chuseok Prices"... Increase Supply of Seasonal Goods and Conduct On-Site Inspections of High-Priced Gas Stations

Choo Kyung-ho "Considering Additional Extension of Fuel Tax"

The government, ahead of the Chuseok holiday, has initiated early supply of essential goods to stabilize prices and hinted at a possible additional extension of the fuel tax reduction following on-site inspections of high-priced gas stations.

According to the Ministry of Agriculture, Food and Rural Affairs on the 17th, as of the 14th, the supply volume of 14 essential goods reached 6,500 tons, achieving 123% of the planned target.

Previously, the government decided to supply a record-high 160,000 tons of essential goods and invest a total of 67 billion won in discounts for agricultural, livestock, and fishery products to maintain the average price of 20 major Chuseok essential goods at least 5% lower than last year.

According to the government, the average price of the 20 essential goods (accumulated from the 7th to the 13th) remains 6.0% lower than last year. The cost of the Chuseok ceremonial table, consisting of 28 items, is also 4.8% lower compared to last year.

(Photo)

Jeong Hwang-geun, Minister of Agriculture, Food and Rural Affairs, stated, "Beef and pork supply has been expanded to 136% of the original plan through normal weekend slaughterhouse operations and encouraging early shipments from farms. For apples and pears, whose production has decreased this year causing higher prices, we will additionally expand the supply of affordable gift sets, priced 15-20% lower than market prices, from the initial 80,000 sets to up to 100,000 sets."

The Statistics Korea will conduct a daily price survey during the Chuseok holiday to quickly provide data necessary for livelihood stabilization measures. The survey covers a total of 35 items, including Chuseok essential goods such as rice and beef, petroleum products, and dining out. The survey will be conducted through visits (interviews) and online methods in seven special and metropolitan cities including Seoul and Busan. The period is from today until the 27th. Results will be provided daily to relevant government departments.

The Ministry of Trade, Industry and Energy plans to conduct on-site inspections of gas stations selling petroleum products such as gasoline and diesel at high prices before the Chuseok holiday. The purpose is to encourage price restraint. To minimize the burden on the public during the holiday period, the ministry, along with related agencies such as the Petroleum Management Service and Korea National Oil Corporation, will select high-priced gas stations for on-site inspections over two weeks (from the 14th to the 27th).

The government recently mentioned the possibility of an additional extension of the fuel tax reduction policy, which is set to expire next month, amid fluctuating petroleum prices. On the 15th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said, "In response to high international oil price volatility, we extended the fuel tax reduction and fuel price-linked subsidies until October. We will consider further extensions depending on future international oil price trends."