Seoul, March 24 (NationPress) - President Lee Jae Myung of South Korea urged the government on Tuesday to proactively establish an emergency response system to address concerns regarding the supply of oil and gas, particularly as the ongoing US-Israeli conflict with Iran continues to disrupt global energy markets.

During a Cabinet meeting, Lee advocated for the rapid approval of an additional budget aimed at assisting small and medium-sized enterprises and vulnerable households affected by escalating energy costs.

"Petrochemical products are integral to various sectors, from food delivery to medical devices, complicating predictions of when and where supply disruptions might occur," Lee emphasized. "This situation poses a significant threat to the livelihoods of our citizens, necessitating a proactive national emergency response system from the government."

Lee called on ministries to thoroughly assess items susceptible to supply disruptions, evaluate their potential impacts, and pinpoint alternative supply sources to formulate comprehensive contingency plans that can avert worst-case scenarios.

With the second phase of the oil price cap system approaching on Friday, Lee instructed the government to devise effective strategies to alleviate the financial strain of rising fuel prices.

The government had previously implemented a temporary fuel price cap on March 13 to stabilize the energy market, with adjustments scheduled every two weeks.

He also cautioned against opportunistic profiteering amid the crisis, revealing that prosecutors launched an investigation on Monday into allegations of collusion among local refiners to manipulate oil prices domestically.

"Authorities must eliminate and severely penalize any unfair profiteering that takes advantage of public suffering, adhering strictly to legal and ethical standards," he stated, urging the petrochemical sector to participate in nationwide efforts to navigate the crisis.

Lee further called for public engagement in energy-saving initiatives, proposing vehicle rotation schemes for public institutions based on license plate numbers every five days, and promoting public transportation usage.

He stressed the urgency for the government to swiftly prepare a supplementary budget focused on stabilizing the domestic economy, minimizing impacts on affected industries, and ensuring the resilience of supply chains, according to the Xinhua news agency.

"As the ramifications of the conflict in the Middle East escalate, the quicker we can prepare and pass a 'wartime supplementary budget', the more effective it will be," he asserted.

During the meeting, Lee instructed relevant ministries to take decisive action against collusion and price manipulation in the housing market, labeling enduring real estate speculation as one of the nation’s gravest challenges.

"We must eliminate any chance of exploiting the current system and implement measures that are flawless, free from political influence," he concluded.