Gwanak District Allocates Emergency 6 Billion Won Supplementary Budget to Overcome High Oil Price Crisis

Supplementary Budget Bill Including 5.78 Billion Won in Relief Funds Submitted to District Council
Preparations Underway with Dedicated Organization and System

Gwanak District in Seoul has urgently drawn up a supplementary budget bill totaling 6 billion won to support residents affected by high oil prices and inflation, and has submitted it to the district council.

Unlike typical supplementary budgets, this first supplementary budget for 2026 is a "one-point budget" specifically designed to promptly provide subsidies to residents in line with the government's high oil price relief policy. This measure comes amid heightened concerns over the prolonged period of high oil prices and inflation due to instability in the Middle East.

Gwanak District Office building. Provided by Gwanak District Office.

The district aims to alleviate the burden on vulnerable groups and residents, whose cost of living has surged due to the recent increase in energy prices, thereby stabilizing the livelihoods of local residents and minimizing the contraction of the local economy.

The district has given priority to allocating 5.78 billion won, which accounts for about 12% of the total high oil price relief fund, in the budget proposal. In addition, 220 million won has been set aside for operating additional personnel and running the payment system to reduce confusion during the subsidy distribution process and prevent eligible recipients from being overlooked.

The district's plan is to match municipal funds with government subsidies so that direct support can be provided to low-income households vulnerable to soaring energy prices and to small business owners experiencing business hardships.

The high oil price relief funds will be distributed in two rounds: the first on April 27 and the second on May 18. The district will work closely with the Gwanak District Council to ensure timely payment according to the schedule. At the same time, the district will establish a dedicated organization and build a distribution system in advance to ensure transparent and prompt payments.

A district official stated, "This supplementary budget was drawn up solely to place the highest priority on stabilizing the livelihoods of residents suffering from high oil prices and inflation," adding, "Now that the government's firm support policy has been decided, the district will mobilize all available administrative resources to provide support without delay."

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