Koo Yoon-chul: "Oil Price Ceiling to Be Managed Biweekly"

National Assembly Committee Discusses Key Issues; Government Clarifies Stance on Oil Price Ceiling

In Response to Question from Yoo Sangbeom, Koo Says, "It Will Likely Be Around 1,800 Won"

"To Be Adjusted Based on Refiners' Supply Price"

Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-chul stated on March 11 that the government will review market conditions every two weeks when operating the proposed oil price ceiling system.

At the full meeting of the Planning and Finance Committee at the National Assembly on the same day, Deputy Prime Minister Koo explained, "If we set the ceiling price by considering the appropriate level between pre-war oil prices and the current increased prices, the subsidies themselves will not increase." He continued, "This is the plan."

He also said, "If oil prices continue to rise, we will make further adjustments to the price ceiling system."

Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-chul is responding to lawmakers' questions at the full meeting of the Planning and Finance Committee held at the National Assembly on March 11, 2026. Photo by Kim Hyunmin

Deputy Prime Minister Koo added, "The government is preparing comprehensive measures, including implementing the price ceiling at a reasonable level, reducing the fuel tax if necessary, and, if needed, carrying out an extra budget specifically for the vulnerable groups who are affected."

When asked, "At what price level would the government consider lifting the price ceiling?" he answered, "If prices stabilize and fall below the level we have set."

He further explained, "It would be the average price level, such as the pre-war fuel price or the typical increase in international oil market prices."

When Assemblyman Yoo Sangbeom from the People Power Party asked again for a more specific level, Koo replied, "I think it would be around 1,800 won."

When asked how the government would determine the standard, given that prices vary at gas stations nationwide, he stated, "We intend to base it on the supply price set by refiners."

This content was produced with the assistance of AI translation services.