Seoul: President Lee Jae Myung on Tuesday urged the government to preemptively implement an emergency response system to address concerns over the supply of oil and gas, as the ongoing U.S.-Israeli conflict with Iran continues to disrupt global energy markets. Speaking at a Cabinet meeting, Lee also emphasized the urgent need for the swift passage of an additional budget to support small and medium-sized enterprises and vulnerable households affected by the surge in energy prices.

According to Yonhap News Agency, Lee highlighted the widespread use of petrochemical products, from food delivery containers to medical equipment, which complicates the prediction of disruptions. He stressed that these disruptions pose a significant threat to livelihoods, necessitating a proactive national emergency response system. Lee instructed ministries to conduct thorough reviews of items at risk of supply disruption, evaluate their potential impact, and identify alternative supply sources to devise effective contingency plans.

With a second round of the oil price cap system set for Friday, Lee directed the government to develop practical measures to alleviate the burden of escalating fuel prices. Originally introduced on March 13, the temporary fuel price cap system aims to stabilize the energy market with adjustments scheduled every two weeks.

Lee also cautioned against profiteering during the crisis, referencing a recent investigation launched by prosecutors into allegations of local refiners colluding to set domestic oil prices. He called for the strict punishment of unfair profiteering that exploits public hardship, urging the petrochemical industry to participate in nationwide efforts to overcome the crisis.

In addition, Lee advocated for public support of energy-saving measures, including vehicle rotation schemes based on license plate numbers every five days and promoting the use of public transportation. He pressed the government to promptly prepare a supplementary budget focused on stabilizing the domestic economy, minimizing the impact on affected industries, and ensuring the resilience of supply chains. Lee emphasized that a timely 'wartime supplementary budget' would have a more substantial effect as the conflict's impact in the Middle East continues to intensify.