Seoul: Finance Minister Koo Yun-cheol announced on Thursday that the government will exert extensive efforts to ensure a stable supply of daily necessities, including plastic bags, amid rising concerns over a potential shortage of raw materials due to the ongoing Middle East conflict.

According to Yonhap News Agency, Koo made these remarks during his visit to a film and vinyl manufacturing company. The uncertainties surrounding the supply of raw materials have increased significantly following the effective shutdown of the Strait of Hormuz, as confirmed by the finance ministry.

The situation has led consumers to hoard standard plastic garbage bags, driven by a sharp increase in polyethylene prices, a crucial material for their production. The industry is heavily reliant on imports for this essential raw material.

In an effort to curb supply instability and prevent the hoarding of essential goods, the government designated seven basic petrochemical products as crisis items on Wednesday.

"Film and vinyl products are essential items directly linked to both industry and daily life, making the stable management of related supply chains critically important," said Koo.

He further stated that the government will closely monitor the entire process, from raw material procurement to production and distribution, to ensure there is no disruption to the public's daily lives.