Photo : KBS News
Finance Minister Koo Yun-cheol said the government is reviewing the possibility of importing Russian naphtha and has already held preliminary consultations to secure supplies.
Appearing on a KBS program Sunday, Koo noted that the United States has temporarily eased controls on Russian exports for about a month, adding that the government must make every effort to secure naphtha from any available source.
He said securing alternative suppliers would remain the priority, but if procurement becomes difficult, authorities may adjust priorities for industries that rely on naphtha and coordinate distribution under emergency conditions.
Koo also warned that if global oil prices rise to around 120 to 130 dollars per barrel, the government could expand the five‑day vehicle rotation system to the private sector.
He said South Korea may raise its oil crisis alert to Level 3 if the situation worsens, at which point the rotation scheme, currently applied only to the public sector, could be extended to curb consumption.
Koo added that the government is prepared to take additional steps to ease the burden on citizens, including further fuel tax cuts and other policy measures if needed.