South Korea to Maintain Petroleum Price Cap Unless Oil Prices Fluctuate Excessively

As the Minister of Trade, Industry and Energy, I understand the public's concern regarding the petroleum price cap. We have decided to maintain the current price cap, a measure implemented due to the extraordinary circumstances of the Middle East conflict. Our primary goal is to ensure stability in oil prices, and we will continue to monitor the international market closely. Factors such as the potential resolution of the US-Iran conflict and the unblocking of the Strait of Hormuz will be crucial in our decision-making process for an exit strategy.

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Unless international oil prices fluctuate excessively, we will maintain the petroleum price cap.

Furthermore, I wish to address the ongoing dispute at Samsung Electronics. While performance-based pay is an important aspect of employee compensation, it is crucial for both management and labor to approach this issue with maturity and consideration for the broader industrial landscape. In these challenging economic times, resorting to strikes is not a constructive path forward. We urge both parties to engage in sincere dialogue and reach a resolution that benefits all stakeholders and the company's long-term health.

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We urge both management and labor to make mature decisions, considering the industrial conditions.

From our perspective in South Korea, maintaining economic stability is paramount. Measures like the petroleum price cap, while interventions in the market, are necessary to shield our citizens and industries from the volatility of global energy prices. We believe that a stable energy market is fundamental to our economic growth and national security. The situation at Samsung Electronics also highlights the delicate balance between rewarding innovation and ensuring fair labor practices, a discussion that resonates deeply within our society.

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We will decide on an exit strategy for the price cap by comprehensively considering factors such as the resolution of the US-Iran war and the stabilization of oil prices due to the reopening of the Strait of Hormuz.