South Korea Weighs Public Driving Curbs Amid Rising Oil Prices

South Korea may extend driving restrictions to the general public if oil prices rise further due to Middle Eastern tensions. Finance Minister Koo Yun-cheol mentioned potential measures including tax cuts, while authorities monitor supply conditions. National efforts include energy conservation initiatives led by major companies and political figures.

South Korea could soon enforce public driving restrictions as a response to escalating global oil prices, according to Finance Minister Koo Yun-cheol. He noted on Sunday that if crude prices hit the $120–$130 range, restrictions currently applied to public institutions might extend to the general populace.

This decision, reminiscent of measures from the 1991 Gulf War, reflects South Korea's vulnerability, with 70% of its crude oil imported from the Middle East. The government already imposed a five-day vehicle rotation for public sectors and is considering fuel tax cuts to ease household burdens.

In the face of potential supply disruptions, authorities emphasize energy conservation. Prominent companies and political leaders are advocating reduced private car use and supporting the transition to renewable energy. The administration, led by President Lee Jae Myung, is also encouraging the adoption of electric vehicles.

(With inputs from agencies.)