Budget minister nominee says extra budget should include measures to stabilize energy supplies

▲ Park Hong-keun, nominated by President Lee Jae Myung as the new minister for planning and budget, speaks during a parliamentary confirmation hearing in Seoul on March 23, 2026. (Yonhap)

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Budget minister nominee says extra budget should include measures to stabilize energy supplies

By Kim Han-joo

SEOUL, March 23 (Yonhap) -- Budget Minister nominee Park Hong-keun said Monday a proposed supplementary budget bill should include measures to stabilize energy supplies, including oil reserves, amid the ongoing crisis in the Middle East.

"Although a fuel price cap is currently in place, a supplementary budget is inevitable given the uncertainties, as it is difficult to predict how long the Middle East situation will continue," Park said during a parliamentary confirmation hearing.

Amid rising global oil prices, the government adopted a price cap system on products oil refineries supply to gas stations, to help ease cost burdens related to soaring fuel prices in light of supply concerns due to the conflict.

The minister said the extra budget should include efforts to secure key items for future supply chain stability and diversify supply routes, including the stockpiling of oil.

Regarding support for companies affected by trade disruptions with the Middle East, Park said the finance ministry is assessing demand and that support measures for impacted industries will be included.

The ruling Democratic Party plans to pass the supplementary budget bill at a parliamentary plenary session next month, following an order from President Lee Jae Myung to swiftly prepare measures addressing the economic fallout.

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