SEOUL, Oct 27 - South Korea's economy is currently experiencing minimal effects from Israel's recent retaliatory strike on Iran, according to statements from President Yoon Suk Yeol's office. In a meeting to evaluate the security and economic landscape, officials indicated that while the geopolitical risks in the Middle East are being monitored, the domestic crude oil supply and prices are not expected to face significant disruptions.
The South Korean government has decided to extend subsidies on oil products for an additional two months, though at reduced tax cut rates. Should global market volatility escalate, the government is prepared to consider further reductions in fuel oil taxes as a stabilisation measure.
In conjunction with these measures, the finance ministry confirmed that there has been minimal impact on crude supplies, trade, supply chains, and maritime shipping. A 24-hour monitoring system has been established to respond swiftly to any potential crisis stemming from the ongoing tensions in the Middle East.