Vice Chairman Kwon Young-se of the Presidential Takeover Committee speaks at a meeting of the executive committee held at the 20th Presidential Takeover Committee in the Training Center of the Financial Supervisory Service in Tongui-dong, Jongno-gu, Seoul on the 29th. Takeover photo reporters
On the 29th, Vice Chairman Kwon Young-se of the Presidential Takeover Committee said, “As it is highly likely that diesel prices will continue to rise, it is necessary to review additional support measures for ordinary people and small businesses in addition to the comprehensive fuel tax cut.”
Vice-Chairman Kwon said at a meeting of the executive committee held at the office of the transition committee in Tongui-dong, Seoul on the same day, “The transition committee will have to deal with all issues following the inauguration of President Yoon Seok-yeol, but one of the most urgent issues to focus on is energy and oil prices,” he said.
Vice-Chairman Kwon said, “The recent Russian invasion of Ukraine caused the international oil price to exceed $100 a barrel and the international diesel price soared. He continued, “Depending on the region, the price of diesel has reversed, exceeding that of gasoline,” he said.
The government extended the 20% fuel tax cut, which was scheduled to end at the end of April, by three months until the end of July, due to a surge in international oil prices earlier this month. Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki announced the extension of the fuel tax cut at the price-related ministerial meeting held on the 4th and said, “If the international oil price rises steeper than the current level and economic uncertainty escalates, we will also consider expanding the range of fuel tax cuts. will,” he said.
In addition to these collective measures, the transition committee is expected to review separate support for ordinary people and small businesses. As Vice-Chairman Kwon mentioned the difficulties of truck drivers and small business owners, it is also interpreted as hinting at the adjustment of subsidies for truck oil prices. The fuel price subsidy provided to truck drivers, etc. is linked to the fuel tax, so if the fuel tax is lowered, the subsidy will also decrease.
While discussing energy security issues along with the oil price issue that day, Vice Chairman Kwon said, “Nuclear power plants are an important axis in building an energy ecosystem, and if we destroy them, we will lose the basic stamina to respond to rapid changes in the international community.” It’s time to think deeply regarding it.”
