Mar 11 • 01:48 UTC 🇰🇷 Korea Hankyoreh (KR)

Diesel prices surged by 20% in a week... Gwangju City and Jeollanam-do activate response teams

Gwangju City and Jeollanam-do have activated emergency economic response teams due to a sharp increase in diesel prices following tensions in the Middle East.

Gwangju City and Jeollanam-do have mobilized their emergency economic response teams as diesel prices have jumped by nearly 20% in just a week, largely due to deteriorating geopolitical conditions in the Middle East. The Gwangju government announced the formation of a dedicated team, led by Deputy Mayor Kim Young-moon, which will focus on stabilizing consumer prices, regulating oil prices, and providing export support. Regular monitoring of essential goods prices will be conducted, with a specific emphasis on the prices of agricultural and marine products, aiming to ensure price stability for residents.

In addition to price monitoring, Gwangju plans to conduct joint inspections of petroleum sales establishments in collaboration with the Korean Oil Management Agency. These inspections will cover 249 petroleum sales points, including gas stations, to check for quality compliance, proper pricing, and illegal sales practices. Any violations detected could lead to fines up to 30 million won. Furthermore, while no reports of export damage due to the conflict have been received so far, Gwangju is prepared to deploy 30 billion won in export promotion funds and other financial support to facilitate smooth export operations for local companies affected by the situation.

Jeollanam-do's response mirrored that of Gwangju, holding a meeting to strategize their approach under the leadership of Acting Governor Hwang Ki-yeon. Their plan includes strengthening overall price monitoring, conducting inspections where relevant, and providing vouchers to small and medium-sized enterprises facing losses. They also intend to propose government support to absorb the rising costs of tax-exempt fuel and fertilizers for agricultural sectors if prices continue to escalate, highlighting the wider economic implications of the geopolitical situation.

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