Seoul: President Lee Jae Myung announced the necessity of drafting an extra budget to support small business owners and companies affected by rising fuel prices and inflation due to the ongoing Middle East conflict. Speaking at a Cabinet meeting, Lee emphasized the need for "additional fiscal support" to aid those hit hardest by the escalating costs.

According to Yonhap News Agency, Lee highlighted the urgency of creating an early supplementary budget. He also suggested implementing a fuel price cap system and reviewing other measures to counteract the economic impact of the Middle East crisis on South Korea. He stressed the importance of "additional financial and fiscal support," including possible adjustments to energy taxes and direct consumer assistance.

Lee urged that all available resources be mobilized to mitigate the effects of these external shocks on the economy and industry. The proposed measures would be the first enforcement of such a system since 1997, enabled by a provision in the Petroleum Business Act that allows the industry minister to set a maximum sales price during volatile oil price periods.

In addressing the burden of rising fuel costs on sectors like freight transport, parcel delivery, and greenhouse farming, Lee called for measures to alleviate these energy expenses. He underscored price stabilization as a top priority, advocating for "swift and preemptive" action to calm market concerns.

Additionally, Lee instructed the government to explore further measures for evacuating South Korean nationals from the Middle East, which may include utilizing chartered flights or military aircraft, and speeding up land evacuations to safer neighboring countries.