Party, Government, and Presidential Office to Launch Discounted Car Insurance for Five-Day Vehicle Rotation in May

First Round of High Oil Price Support Payments Scheduled for the 27th
Active Response to Naphtha, Petrochemical Products, and Petroleum Supply Issues

The Democratic Party of Korea, together with the government and the Presidential Office, announced plans to launch a “discounted car insurance policy for those participating in the five-day vehicle rotation system” next month to encourage energy-saving efforts among the public.

On the 22nd, a high-level meeting between the ruling party and government was held at the Prime Minister's official residence in Samcheong-dong, Seoul. Prime Minister Kim Minseok, Democratic Party leader Chung Cheongrae, and Kang Hoon-sik, Chief of Staff to the President, attended. Photo by Yonhap News.

Kang Junghyun, chief spokesperson of the Democratic Party, stated at a briefing on the results of the 8th high-level party-government meeting at the National Assembly's communication center on the 22nd, “The non-life insurance industry will introduce a discounted car insurance policy for participants in the five-day vehicle rotation system in May. We will continue to provide benefits to citizens who voluntarily take part in energy-saving initiatives.”

Chief spokesperson Kang also said, “The Financial Stabilization Team reported that while the domestic stock market has shown some signs of recovery recently, uncertainties around previous negotiations remain. Therefore, efforts to support people’s livelihoods and the real economy will continue.” He added, “Both policy finance institutions and the private financial sector will work together to provide new funding to companies facing financial difficulties. In addition, we will directly listen to on-site financial challenges through relay meetings with major industries and the financial sector, and seek out practical measures that can provide real help.”

Regarding plans to respond to the supply and demand of naphtha, petrochemical products, and petroleum, chief spokesperson Kang said, “The Strategic Economic Cooperation Delegation will manage the smooth introduction of 273 million barrels of crude oil and 2.1 million tons of naphtha, as promised. In addition, the government will actively support crude oil imports through the alternative route of Yanbu Port in Saudi Arabia.” He continued, “The government will swiftly execute the 6.7 trillion won project to support the naphtha import unit price differential, as reflected in the recent supplementary budget, to ensure naphtha imports proceed smoothly.”

He went on to say, “The government will prioritize the supply of raw materials needed for healthcare, key industries, and essential daily goods. If hoarding is suspected to be causing supply chain bottlenecks, investigations will be launched, and if any violations are discovered, the government will respond strictly under a zero-tolerance policy.”

On domestic repercussions from the Middle East war, chief spokesperson Kang said, “In cases where urgent support is required, such as for households in crisis, the government will implement a measure within April that allows the responsible public official to apply for basic living support on their behalf. Of the 26.2 trillion won supplementary budget, 25 trillion won has been designated for management, and for projects requiring swift execution, amounting to 10.5 trillion won, the plan is to execute more than 85% within the first half of the year.”

He added, “The first round of high oil price support payments is scheduled for the 27th, and the second round is expected around the 18th of next month. The first round will target the vulnerable and near-vulnerable groups.”

The party, government, and Presidential Office also decided to comprehensively consider market impact, international oil prices, and public burden before determining whether to implement the fourth maximum price system for petroleum.

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