These comments, made during a meeting to assess the security and economic situation, come in the wake of the government’s latest decision to extend support for petroleum products for an additional two months until the end of December.
“The impact of geopolitical risks in the Middle East on our economy is expected to be limited,” Yoon’s office said in a statement.
The statement added, “We do not expect any significant impact on domestic crude oil supplies and prices, but if there are significant fluctuations in the global market, we will respond with various measures to support stability, such as an additional reduction in fuel taxes.”
The President’s Office also pledged to maintain a 24-hour monitoring system in preparation for any potential crisis The Middle EastHe promised to take immediate action as necessary.
In a separate statement, the Finance Ministry said the impact on crude supplies, trade, supply chains and maritime shipping was minimal. She stated that she would continue to monitor the situation
