Koo Yooncheol: "Seventh Maximum Petroleum Price to Be Lowered... System Maintained Until Price Stabilizes" (Update)

Government Holds Emergency Economic Headquarters, Economic Ministers’ Meeting, and Special Task Force on Essential Livelihood Prices

On June 26, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol announced, "We will freeze major public utility charges such as electricity and gas rates in the second half of the year."

Regarding the scheduled seventh announcement of the maximum petroleum price to be made on this day, he stated, "We will lower it from the current level but maintain the system until oil product consumer prices stabilize."

Deputy Prime Minister Koo made these remarks while presiding over a meeting of the Emergency Economic Headquarters, the Economic Ministers’ Meeting, and the Special Management Task Force for Essential Livelihood Prices at the Seoul Government Complex on June 26.

He said, "The government is doing everything possible to stabilize and restore the people's economy, while also preparing in earnest for economic normalization and a new leap forward following the Middle East war. We will thoroughly examine the Middle East war and the situation of our economy and gradually adjust emergency response measures."

He also emphasized, "We will make every effort to keep consumer price increases within 3% in the second half of the year, fully mobilizing resources, including injecting fiscal support of 1 trillion won to help small business owners affected by high oil prices."

He announced that, to stabilize egg prices, the government would expand the import volume of fresh eggs more than sixfold, importing an additional 200 million eggs.

Next month, he said, a special delegation will be sent to Norway to directly import 2,000 tons of Norwegian mackerel for low-cost supply, and the government will purchase domestically produced mackerel intended for export and provide it to consumers at half price.

This content was produced with the assistance of AI translation services.