President Lee Jae Myung says South Korea can keep domestic gasoline and diesel prices stable despite a sharp rise in international oil prices driven by Middle East tensions. In a September 12 social-media post, Lee told the public not to worry about fuel prices and said the government had already reduced the country's dependence on Middle Eastern crude through supply diversification and transport support.
Price stability rests on active intervention
Lee said the share of crude imports coming from the Middle East had fallen from about 70 percent to the 50 percent range within several months. He attributed the shift to intensified energy diplomacy, including crude-oil envoys, new suppliers and support for the added transport costs of longer-distance purchases. He also cited a strategic stockpile swap system as another tool for maintaining supply stability.
The government is also intervening directly in the domestic refined-products market. Lee said price ceilings and controls on export volumes are being used to keep local gasoline and diesel supplies stable even as international crude and refined-product prices rise. According to his account, the state is compensating refiners for losses linked to those controls, while high overseas refining margins are supporting industry profits.
That policy reduces the immediate exposure of Korean motorists and businesses to the global price spike, but it does not eliminate the underlying supply risk. Lee acknowledged that roughly half of crude imports still come from the Middle East and that the duration of regional conflict remains uncertain. Longer shipping routes also add cost and make maritime security more important.
The durability of the price pledge will depend on how long global oil markets remain stressed and how effectively alternative supplies keep arriving. Consumers should watch pump prices, while businesses will be more sensitive to transport and input costs if the shock persists. The government, meanwhile, has said it will continue diversifying crude sources and work to secure shipping routes and vessel safety as the international market remains volatile.