What did Finance Minister Koo Yun-cheol say about South Korea’s response to energy price volatility?

Koo said the government will stay vigilant, maintain an emergency response system, and diversify import sources to manage energy supply and prices. He said diplomatic efforts and a strategic swap of oil reserves should help keep supply stable for the time being.

Why is the government extending the fuel tax cut and offering holiday fuel discounts?

The extension is meant to ease price burdens on the public as tensions in the Middle East continue. The government will also work with highway gas stations to give a 100 won per liter discount during the Sept. 24-27 Chuseok holiday.

When and where did Koo Yun-cheol make the remarks, and what was notable about the meeting?

He made the remarks during a meeting of economy-related ministers in Sejong on Friday. The meeting was his last before he steps down as finance minister.

Gov't to closely monitor energy price volatility, vows diversification

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Summary

Finance Minister Koo Yun-cheol said in Sejong on Friday that the government will closely monitor energy price volatility and diversify import sources amid Middle East tensions. He said diplomatic efforts, a strategic swap of oil reserves, and daily crude oil checks with the refining industry will support supply stability. The government will also extend its fuel tax cut scheme by two months through November and offer a 100 won per liter discount at major highway gas stations during the Chuseok holiday.

Key Facts

Koo said the government will operate a monitoring team with the oil refining industry to check crude oil supply daily and respond quickly if needed.
The government expects energy supply to remain stable for now because of diplomatic efforts, import-source diversification, and a strategic swap of oil reserves.
South Korea will extend its fuel tax cut scheme by another two months through November to ease public price burdens.
The government will cooperate with gas stations at major highways to provide a 100 won per liter discount over the Chuseok holiday from Sept. 24-27.
The meeting in Sejong was Koo Yun-cheol’s last before stepping down as finance minister.

By Yonhap

Published Sep 18, 2026 9:19 am KST

Finance Minister Koo Yun-cheol speaks during a meeting in the central city of Sejong, Friday. 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 ($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.

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