President’s review of fuel market intervention raises concerns over feedstock costs and sector’s restructuring momentum
South Korea’s petrochemical restructuring entered a more uncertain phase after President Lee Jae Myung ordered ministries to prepare emergency fuel market interventions in response to the Middle East crisis, highlighting how energy price shocks could disrupt the government’s plan to consolidate an industry already struggling with oversupply and financial stress.
Lee instructed ministries to examine the use of a fuel price cap under the Petroleum Business Act, which may allow energy tax adjustments and supplementary fiscal support to stabilize prices and shield households and firms from rising fuel costs.
South Korea’s petrochemical restructuring entered a more uncertain phase after President Lee Jae Myung ordered ministries to prepare emergency fuel market interventions in response to the Middle East crisis, highlighting how energy price shocks could disrupt the government’s plan to consolidate an industry already struggling with oversupply and financial stress.
Lee instructed ministries to examine the use of a fuel price cap under the Petroleum Business Act, which may allow energy tax adjustments and supplementary fiscal support to stabilize prices and shield households and firms from rising fuel costs.
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