Deputy Prime Minister Choi Sang-mok: "Fuel Tax Cut Extended for Two Months Until the End of June"

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is delivering opening remarks while presiding over the Emergency Economic Ministers' Meeting held on the 15th at the Government Seoul Office in Jongno-gu, Seoul.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, announced on the 15th that “the current fuel tax reduction measures and the diesel·CNG fuel price-linked subsidies will be extended for an additional two months until the end of June.”

On the same day, Deputy Prime Minister Choi stated at the Emergency Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul, “We will pay close attention to the possibility of expanded price uncertainty and make every effort to stabilize prices.”

Choi explained, “Yesterday, due to Iran’s retaliatory airstrikes against Israel, tensions in the Middle East have escalated, increasing uncertainty in macroeconomic and financial conditions,” adding, “Fortunately, no damage to local Korean residents has been reported so far, and there have been no disruptions to crude oil supply and supply chains.” However, he expressed concern that “depending on how the situation develops, risks may expand mainly in energy and supply chains, and volatility in financial markets may also increase.”

He continued, “We will prepare an all-government emergency response system with heightened vigilance to prepare for all possibilities,” and mentioned, “A joint emergency response team of related agencies will operate daily to monitor the situation and domestic and international economic and financial trends in real time.” He emphasized, “We will respond promptly according to contingency plans and fulfill necessary roles in a timely manner regarding excessive volatility in financial and foreign exchange markets.”

Meanwhile, Deputy Prime Minister Choi added, “Under such uncertainty, what the government must do is to provide the public with confidence and trust in government policies,” and said, “All economic ministries will unite as one team and concentrate all policy capabilities until the current uncertainties are resolved.”