South Korea to Spend $17B on Energy Crisis Relief

South Korea will allocate a $17 billion supplementary budget to address soaring energy prices driven by the Iran war. The government plans to expand fuel tax cuts from 7% to 15% on gasoline and from 10% to 25% on diesel. Budget minister Park Hong-keun stated the funds will support small businesses and vulnerable households while stabilizing fuel prices. President Lee Jae Myung urged public participation in energy conservation, including shorter showers and using public transport, as global supply chains face unprecedented complexity. The measures follow Iran's closure of the Strait of Hormuz, disrupting 90% of South Korea's oil imports. Energy minister Kim Sung-whan warned the crisis is 'grave' and requires citizen cooperation.

SOURCE: https://www.channelstv.com/2026/03/26/south-korea-to-roll-out-17bn-wartime-budget/