Koo Yoon-cheol, Deputy Prime Minister and Minister of Economy and Finance, stated on July 24 that the 8th oil price cap will be announced at 7 PM, aiming to minimize the burden on the public. He also confirmed that the fuel tax cut will be extended for an additional two months.
During a meeting of the special task force on cost of living at the Government Seoul Complex, Koo noted that the country's GDP grew by 0.6% in the second quarter compared to the previous quarter, indicating continued growth momentum.
However, he acknowledged that rising international oil prices due to escalating tensions from the Middle East conflict have increased volatility and uncertainty.
Koo explained that the 8th oil price cap, effective from midnight on July 25, will be announced after today's meeting, taking into account international oil price trends. He also mentioned that the current fuel tax cut, set to expire at the end of this month, will be extended until the end of September to alleviate fuel costs.
He provided updates on managing essential goods, stating that the government plans to import 23 million fresh eggs, with contracts for 10.1 million already signed and 5.224 million eggs imported. The imported eggs are expected to be supplied to the market at a rate of 20 million per week until early next month.
Koo added that the government has secured the initial target of 2,000 tons of mackerel through a special delegation to Norway and is pursuing additional contracts for 1,200 tons from the UK and Norway by August to stabilize mackerel prices.
He also announced an extension of the ban on hoarding urea and urea solution until the end of next month. The ban on hoarding syringes will also be extended, with relaxed storage limits and lifted sales restrictions.
Finally, Koo emphasized the need to actively improve institutional shortcomings identified during the response to the Middle East conflict, aiming to enhance the effectiveness of supply chain response systems and price stabilization measures. He stated that a revised price stabilization law will be proposed next month to strengthen penalties for unfair practices such as hoarding.
* This article has been translated by AI.
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