South Korea's finance minister vows diplomatic efforts and import diversification to manage energy price volatility

By Kang Yoon-seung

SEOUL, Sept. 18 (Yonhap) -- The finance minister on Friday vowed to make diplomatic efforts and diversify import sources to address recent energy price volatility amid geopolitical uncertainties in the Middle East.

Finance Minister Koo Yun-cheol made the remarks during a meeting of economy-related ministers in the central city of Sejong, pointing out that global oil prices have recently risen sharply amid geopolitical tensions.

"The government intends to remain vigilant and maintain an emergency response system to stably manage the supply of energy sources and their prices," Koo said during the meeting.

Koo added that the energy supply is expected to remain stable for the time being due to the government's proactive diplomatic efforts, diversification of import sources and a strategic swap of oil reserves.

"We will operate a monitoring team with the oil refining industry to check the supply of crude oil on a daily basis and take necessary measures promptly," the finance minister said.

During the meeting, the government said the country will extend its fuel tax cut scheme by another two months through November to ease price burdens on the public amid protracted tensions in the Middle East.

South Korea will also cooperate with gas stations at major highways across the country to offer a discount of 100 won (US$0.07) per liter over the Chuseok holiday, which runs from Sept. 24-27, compared with Thursday's prices.

The meeting was Koo's last before stepping down as finance minister.