Chief of Staff Kang Hoon-sik: "Petroleum Price Ceiling Effective Thanks to Public's Efforts to Save"

"Compensation for High Oil Prices to Be Paid Without Delay"
"Pursuing Transformation of Economic Structure and Industrial Framework"

Kang Hoon-sik, Chief of Staff to the President, stated on the 22nd regarding the petroleum price ceiling, "Contrary to some concerns that artificially setting prices would lead to energy overconsumption, we have been able to navigate the challenging supply and demand situation thanks to the public's willingness to endure inconvenience and take the lead in saving energy."

Kang Hoon-sik, Chief Secretary to the President, is speaking at the high-level party-government meeting held at the Prime Minister's official residence in Samcheong-dong, Jongno-gu, Seoul, on the 22nd. Photo by Yonhap News

At the High-level Party-Government Council held at the Prime Minister's Official Residence in Samcheong-dong, Jongno-gu, Seoul on the same day, Chief Kang said, "Despite the implementation of the price ceiling, total sales of petroleum products such as gasoline have decreased by 5.6% compared to the same period last year," adding, "I sincerely thank the public for responding to the crisis more proactively than the state."

He continued, "The 'wartime supplementary budget,' which was swiftly passed by the National Assembly on the 10th, is providing a solid foundation to support people's livelihoods during this crisis," and added, "I am also deeply grateful for the National Assembly's prompt decision and cooperation."

Chief Kang pledged, "The government will swiftly execute measures such as supporting the supply of naphtha and expanding petroleum reserves to stabilize the supply chain, and will also ensure the seamless payment of compensation for damages caused by high oil prices. We will do our utmost to ensure that the effects of the supplementary budget are felt in the field."

He further stated, "We must not regard this crisis as a one-off event and become fixated solely on short-term responses. We will unwaveringly pursue fundamental measures to transform the economic structure and industrial framework, such as diversifying energy import sources and partner countries, advancing the production facilities of our companies, expanding the scale of storage facilities, and investing in the power grid to increase the adoption of renewable energy."

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