President Lee: South Korea to maintain maximum oil price system amid global volatility

South Korean President Lee Jae-myung announced that the government will continue its "maximum oil price system" until oil price instability subsides, citing tensions in the Middle East as the cause of global price fluctuations. The president emphasized the need for preemptive measures to minimize the impact of volatile oil prices on domestic inflation.

During a video conference with senior aides while on a state visit to Brazil, President Lee stated, "Given the likelihood of continued oil price volatility, we must quickly take preemptive measures to minimize the impact on domestic prices." He added that if the situation worsens, the government would actively consider additional measures to alleviate difficulties for citizens. Specific attention will be paid to supporting groups heavily reliant on diesel, such as truck drivers, construction equipment operators, farmers, and fishermen.

President Lee also pledged to take a firm stance against price collusion within the domestic oil industry. "We must cut off illegal profiteering by exploiting difficult times," he asserted, referencing recent indictments against four major oil companies and their executives for alleged price-fixing. The government is committed to preventing market manipulation not only in oil but also in other essential consumer goods.

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Given the likelihood of continued oil price volatility, we must quickly take preemptive measures to minimize the impact on domestic prices.

In related news, the Seoul Central District Prosecutors' Office indicted HD Hyundai Oilbank, SK Energy, GS Caltex, and S-OIL, along with several executives, on charges of violating the Fair Trade Act. This action underscores the government's commitment to ensuring fair market practices.

President Lee also highlighted achievements from his trip, including the "San Francisco AI Declaration," which he described as South Korea's commitment to leading the AI era. He noted strengthened partnerships with global tech giants and venture capitalists, aiming to translate these successes into economic growth and improved living standards for citizens.

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We must cut off illegal profiteering by exploiting difficult times.