Koo Yun-cheol: "Oil prices at crisis stage…if they rise further, alternate-day driving could be expanded to the private sector"

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol suggested that if international oil prices rise to around $120–$130 per barrel, the government could expand the five-day vehicle rotation scheme to the private sector.

Appearing on KBS’s “Sunday Diagnosis” on the morning of the 29th, Koo said of the oil-price situation, “If it becomes more serious, we should raise it to around Level 3 (Alert),” adding, “To ask for public cooperation in the private sector as well, we may need to introduce a rotation scheme.”

On the conditions for raising the level to Stage 3, he said, “We need to look comprehensively at how serious the crisis is,” explaining, “Right now oil prices are moving back and forth around $100–$110, but if they head to $120–$130, we will take into account various overall circumstances.”

Regarding the supplementary budget being drafted at around 25 trillion won, he said support would be concentrated in four broad areas: responding to high oil prices; livelihoods support for small business owners, the self-employed, logistics and delivery workers, and young people; industrial support; and supply-chain stabilization. He added, “This will be funded by expected excess tax revenue—it is absolutely not something we are doing by taking on debt.”

Kim Soo-young, Hankyung.com reporter swimmingk@hankyung.com