▲ Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol speaks during a joint meeting of the Emergency Economic Headquarters, the Economic Ministers' Meeting, and the Ministerial Task Force on Special Management of Consumer Prices, held at the Government Complex Seoul in Jongno-gu, Seoul, on the morning of June 26.
The government announced today (June 26) that it will mobilize all available resources, including freezing major public utility charges in the second half of the year, to keep the consumer price inflation rate within 3% during the second half.
The seventh petroleum price ceiling, to be announced today, will be lowered in line with falling international oil prices, but will be maintained until prices stabilize.
Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol announced these plans today while presiding over a joint meeting of the Emergency Economic Headquarters, the Economic Ministers' Meeting, and the Ministerial Task Force on Special Management of Consumer Prices at the Government Complex Seoul.
"The seventh petroleum price ceiling will be lowered from the current level, taking into comprehensive consideration the decline in international oil prices, the burden on public livelihoods, and fiscal conditions," Deputy Prime Minister Koo said. "We will maintain this level until consumer prices for petroleum products stabilize."
The seventh price ceiling will be announced at 7 p.m. today.
"Following the signing of the memorandum of understanding (MOU) to end the war in the Middle East, external uncertainties are gradually easing," he assessed. "With international oil prices also on a downward trend, the average domestic price of diesel has fallen below 2,000 won for the first time in two months."
He added, "While the government is focusing all its efforts on stabilizing and recovering the livelihood economy, we are also fully preparing for post-war economic normalization and a major leap forward. We will closely monitor the war and economic situations to gradually adjust the emergency response measures currently in place."
However, Deputy Prime Minister Koo noted, "While uncertainties remain in the follow-up negotiation process of the MOU, the burden on public livelihoods continues due to high prices, high exchange rates, high interest rates, and slowing employment."
He announced, "We will inject 1 trillion won in fiscal spending into discounting agricultural, livestock, and fishery products, easing the burden of essential living costs, and supporting small business owners affected by high oil prices. We will mobilize all available means to do our best to manage the consumer price inflation rate within 3% in the second half of the year."
The government will promote the largest-ever discount events from July to August and import an additional 200 million fresh eggs by expanding imports more than sixfold.
He also announced plans to dispatch a special envoy delegation to Norway to directly import 2,000 tons of Norwegian mackerel to supply at low prices, while the government will directly purchase domestic export volumes to provide them to consumers at half price.
"We will freeze major public utility charges, such as electricity and gas rates, in the second half of the year as well, and temporarily waive the sales surcharge on LPG butane until the end of the year," he said.
For households receiving energy vouchers who use kerosene or LPG, the government will provide an additional 147,000 won on top of their current vouchers, which can be used from October this year to May next year.
The government plans to ease the burden of essential living costs, such as fuel and transportation expenses, by expanding the eligibility of people with disabilities and national meritorious persons for highway toll discounts.
To support small business owners affected by high oil prices, the loan scale of the 'Small Business Hope Dream' program will be doubled from 1.5 trillion won to 3 trillion won.
Incentives for 'Good Price Shops' (businesses offering affordable prices) will be strengthened, including support for additional discount cashbacks.
"Following today's announcement of measures to counter high prices, we will also swiftly prepare and announce support measures for small and medium-sized enterprises affected by high exchange rates," he said.
During the meeting, Deputy Prime Minister Koo also discussed a basic plan to stabilize employment shocks resulting from the AI Transformation (AX) and Green Transformation (GX).
"We will support vocational training specialized in AI and green technologies so that both existing workers and young job seekers can build the capacity to respond to the industrial transition," he said.
Specifically for the youth, he said, "Through intensive education in advanced sectors, we will train 1,000 AI specialists in the second half of the year. The government will support them so that this education leads to employment and entrepreneurship, connecting them to jobs and enabling them to actively pioneer the AX and GX era."
(Photo: Yonhap News)
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