Prime Minister Kim Min-seok said April 22 that the government will decide soon whether to launch a fourth round of the oil price cap after weighing its benefits and differing views.
In opening remarks at an Emergency Economic Headquarters meeting at the Government Complex Seoul, Kim said the third round of the cap ends Tuesday, and a decision on a fourth round will follow.
While some have questioned the policy’s effectiveness, Kim said the cap has shown clear positive effects, including preventing sharp inflation, easing a pullback in consumption and softening the impact on groups sensitive to fuel prices, such as freight drivers.
Kim said small and midsize businesses and working households are the first to feel the biggest effects from a prolonged war in the Middle East. He said the government will actively communicate and seek ways to ensure the supplementary budget it has prepared provides practical help to small firms and ordinary people.
Kim also said the COVID-19 crisis prompted improvements to the public health system and a stronger push to foster the biopharmaceutical industry. He urged ministries to manage immediate challenges while also identifying tasks needed to move toward change and innovation with an eye on the future.
* This article has been translated by AI.
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