Seoul: The ruling Democratic Party (DP) and the government are contemplating the purchase of more than 6 million barrels of crude oil from foreign refiners stored within South Korea, amidst escalating tensions in the Middle East.

According to Yonhap News Agency, DP lawmakers and government officials discussed this strategic move during the first meeting of a newly launched task force. This task force aims to evaluate the potential economic impact resulting from the ongoing conflict in the Middle East and deliberate on appropriate countermeasures.

Rep. Oh Gi-hyoung, in a briefing, highlighted that South Korea has the option to exercise priority purchase rights for crude oil jointly stockpiled by foreign entities at market prices. This initiative could enable Seoul to secure approximately 6.86 million barrels of crude oil currently owned by foreign refiners and housed in domestic storage facilities.

In addition to the acquisition plan, officials are exploring strategies to diversify the sources of crude oil and liquefied natural gas imports beyond the Middle East. They are also investigating alternative supply routes that avoid the Strait of Hormuz, which is currently inaccessible due to the conflict.

Moreover, a joint government inspection is set to be conducted to identify and prevent price collusion or any illegal activities in the market. Rep. Oh stated that around 200 gas stations will be scrutinized, and swift actions will be taken upon the announcement of the inspection results.

In response to the intensified conflict involving the U.S. and Iran, the government has revealed plans to introduce a capping system on local fuel prices to control any undue price surges.