President Lee says Koreans have 'nothing to worry about' on fuel prices

President Lee Jae-myung said Saturday that domestic prices for refined petroleum products such as gasoline and diesel "will continue to stabilize," seeking to reassure the public amid a surge in global oil prices driven by instability in the Middle East.

Lee shared an article about the domestic fuel price outlook on his SNS account and said, "Citizens have absolutely nothing to worry about regarding oil prices."

He outlined two key measures to stabilize crude oil supply: diversifying import sources and tapping strategic petroleum reserves. "By strengthening oil diplomacy — including dispatching special envoys for crude oil procurement — and subsidizing shipping costs, we have reduced our dependence on the Middle East from nearly 70 percent to the 50 percent range in just a few months," Lee said. "We are maintaining solid supply stability through the introduction of a strategic reserve swap system."

Lee also reaffirmed the government's firm stance against market-disrupting behavior. "We are managing domestic prices in a stable manner through the implementation of a price ceiling and export volume controls," he said, adding that the government was cracking down on hoarding and price-fixing while encouraging fair competition through initiatives such as designating consumer-friendly gas stations.

He also addressed the state of the domestic refining industry, saying refiners were enjoying record-high profits. "Refining companies are reaping large gains from the surge in international refined oil prices, and the government is compensating them for losses incurred by domestic price and export controls — so they are enjoying the greatest boom in history," Lee said, arguing that government policy was producing positive results for both the market and industry.

However, Lee did not let his guard down over the risk of a prolonged Middle East crisis. "Our dependence on the Middle East is still relatively high at 50 percent, and the timeline for an end to the war remains unclear," he said. "We will spare no effort to secure the safety of crude oil shipping routes, vessels and crew, and we will turn the current crisis into an opportunity."