Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced today (the 18th) that "during the Chuseok holiday from September 24 to 27, fuel prices at highway gas stations nationwide will be reduced by 100 won per liter compared to the 17th, with the public sector sharing the burden of high oil prices."

Presiding over an emergency economic headquarters meeting and economic ministers' meeting at the Government Complex-Sejong today, Deputy Prime Minister Koo made the remarks while stating that the discount will be implemented at 226 state-managed highway gas stations operated by the Korea Expressway Corporation.

Deputy Prime Minister Koo added, "During the Chuseok period, we will offer discounts on electric vehicle charging fees during daytime hours when renewable energy supplies such as solar power are abundant, thereby returning the benefits of expanded renewable energy to the public."

He stated, "The fuel tax cut measures scheduled to end at the end of this month will be extended for an additional two months until the end of November to ease the fuel cost burden on the public."

He also announced that the 10th maximum petroleum price, taking effect from midnight on September 19, will be unveiled at 6:00 p.m. today after a comprehensive review of international oil price conditions and public burden.

He said that the 15% reduction for gasoline will be maintained, while a higher reduction rate of 25% will be kept as currently enforced for diesel, which is essential for industry and logistics, and butane, which is utilized as fuel for ordinary people including small trucks.


Deputy Prime Minister Koo emphasized, "Recently, uncertainties surrounding the situation in the Middle East have expanded again, such as a sharp rise in international oil prices. The government will not let down its guard, will continuously maintain an emergency response system, and will make every effort to stably manage energy supply, demand, and prices."

He stated, "Through active diplomatic efforts, diversification of import sources, and strategic petroleum reserve swaps, we expect no major disruptions to energy supply and demand for the time being. We will operate a joint task force with the refining industry to monitor crude oil supply and demand on a daily basis and take prompt measures when necessary."

Deputy Prime Minister Koo said, "Despite difficult external conditions such as the Middle East conflict, our economy is showing solid fundamentals. Exports are increasing significantly, domestic consumption and other domestic sectors are showing signs of improvement, and global credit rating agencies Moody's and Fitch are also positively evaluating the robust growth trend of our economy."

(Photo: Yonhap News)