President Lee Emphasizes Stabilizing Domestic Gasoline and Diesel Prices Amid Surging Global Oil Prices

President Lee Jaemyung said on the 12th that domestic gasoline and diesel prices are being kept stable even as international crude oil and refined product prices are rising sharply. In a post on X, President Lee explained that the government diversified import sources by dispatching a special envoy for crude oil and strengthening diplomacy, and reduced dependence on the Middle East for crude oil imports from the 70% range to the 50% range in just a few months. He also said that supply and price stability are being managed through the strategic oil reserve swap system, a price cap system, and export volume controls. He added that the government is blocking market disruptions by preventing hoarding and collusion and maintaining competition among gas stations, and said it will continue to do its utmost to secure smooth transportation routes and ensure the safety of ships and crews despite ongoing fluctuations in international oil prices.