Finance Chief Signals Rotating Ban for Private Cars if Oil Hits $120

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Deputy Prime Minister and Minister of Finance and Economy Koo Yun-chul stated on the 29th that the five-day vehicle restriction system could be expanded to the private sector if international oil prices rise to the $120–$130 per barrel level. Appearing on KBS’s “Sunday Diagnosis” this morning, Deputy Prime Minister Koo said, “If the situation becomes more serious, we will have to move up to Level 3 (Alert),” adding, “I believe we should introduc…

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South Korea's government imposed a license plate restriction on government vehicles on Wednesday, as oil prices soared due to the Middle East war. Electric and hydrogen-powered vehicles, as well as vehicles transporting the disabled, pregnant women and children, are exempt from the restriction. Private vehicles, however, will be subject to the restriction on a voluntary basis. On Sunday, Finance Minister Koo Eun-cheol said that if the price of o…

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[Digital Daily Reporter Kang Ki-hoon] The government has indicated that it may expand the five-day vehicle restriction system to the private sector if international oil prices rise to the $120–$130 per barrel level. Deputy Prime Minister and Minister of Finance and Economy Koo Yun-chul appeared on KBS's "Sunday Diagnosis" on the morning of the 29th and stated, "If the situation becomes more serious, we will have to move up to Level 3 (Alert), a…

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Regarding rumors of a July property tax reform, he stated, "Real estate taxation is a last resort... nothing has been decided." He also announced the 'Youth New Deal Policy' to be released next month, noting, "The first investment project in the U.S. is expected to be in the energy sector." Deputy Prime Minister and Minister of Finance and Economy Koo Yun-chul noted that international oil prices are $120–$130 per barrel.