The South Korean government, led by Deputy Prime Minister Koo Yoon-cheol, has announced plans to broaden financial and tax support measures in response to a sustained period of high oil prices exacerbated by the ongoing conflict between the US and Iran. During a meeting focused on the government's response to rising oil prices, Koo emphasized the necessity of rapid execution of the supplementary budget approved for war-related expenses and urged for a comprehensive review of sector-specific responses across government ministries.

Koo warned that the rise in international oil prices could have far-reaching implications on overall inflation and public welfare. He highlighted the importance of implementing price controls, particularly on 23 essential goods, and called for the improvement of distribution systems to ensure efficient support. Alongside these announcements, Koo underscored the need to establish energy-saving measures and expedite plans for alternative energy development as part of a broader strategy to manage energy supply and demand more effectively.

Furthermore, Koo discussed the creation of a one-stop support system to facilitate streamlined assistance for small and medium-sized enterprises (SMEs), emphasizing the significance of rapid access to necessary support for affected businesses. The government aims to raise awareness about energy conservation among the public and potentially introduce additional measures as required, showcasing a proactive approach in tackling the challenges posed by high oil prices while ensuring the stability of living costs for the citizens.