South Korea to Freeze Electricity, Gas Fees in Second Half of Year

South Korea announced it will freeze major public utility fees, including electricity and gas, for the latter half of the year. Deputy Prime Minister Koo Yoon-cheol confirmed the decision following an emergency economic meeting and a task force meeting on special management of consumer prices.

The government aims to stabilize livelihoods and foster economic recovery. Koo stated that the administration is fully committed to ensuring economic stability and promoting a rebound, particularly in the wake of regional conflicts and their impact on the global economy.

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We will freeze major public utility fees, including electricity and gas, in the second half of the year.

In addition to freezing utility costs, the government will also adjust oil price stabilization measures. While oil prices will be lowered from their current levels, the system will remain in place until consumer prices stabilize. The administration is closely monitoring the economic situation, both domestically and in relation to international developments, to adjust emergency response measures accordingly.

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The government is fully committed to stabilizing livelihoods and fostering economic recovery, while also preparing for economic normalization and a new leap forward after the Middle East conflict.