Auto insurance products offering discounts to drivers who join the vehicle “5-day rotation” program are expected to be launched next month. Officials also said they will decide whether to implement a fourth round of an oil price cap after weighing market impact, global oil prices and the public burden.
The Democratic Party, the government and the presidential office said they discussed those steps and other responses to the Middle East situation at a senior meeting held April 22 at the prime minister’s official residence in Samcheong-dong, Seoul.
Kang Jun-hyeon, the Democratic Party’s senior spokesperson, said the nonlife insurance industry will roll out “a special rider” next month that discounts auto insurance premiums for drivers who participate in the 5-day rotation, providing benefits to people who voluntarily join energy-saving efforts.
He said officials plan to draw up measures within this month to ease crowding on public transportation and broaden participation in energy conservation. He added they will also prepare steps to promote “green consumption,” including boosting tourism during the May holiday period.
On the fourth oil price cap, the party, government and presidential office agreed to make a decision after comprehensively considering market effects, international factors and the burden on the public.
During the meeting, the Democratic Party asked the government to respond more actively to minimize supply-chain disruptions affecting naphtha and crude oil.
The government said it will manage the smooth import of 273 million barrels of crude oil and 2.1 million tons of naphtha that a strategic economic cooperation envoy team secured in Central Asia and the Middle East.
It also said it will actively support crude imports through Yanbu Port in Saudi Arabia and proceed with a 670 billion won program, reflected in the supplementary budget, to cover the gap in naphtha import unit costs to support naphtha imports.
Of the 26.2 trillion won supplementary budget, the government said it has selected 25 trillion won for management and plans to execute more than 85% of 10.5 trillion won in projects requiring rapid spending in the first half of the year.
The party, government and presidential office said they will continue efforts to stabilize domestic supplies of energy and key raw materials amid rapidly shifting Middle East conditions.
They also agreed to strengthen on-site inspections to ensure current measures to stabilize supply chains for naphtha, urea solution and syringes operate effectively.
* This article has been translated by AI.
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