South Korea extends measures to stabilize prices of oil-sensitive goods through year-end
Persistently high oil prices continue to affect the cost of goods closely tied to energy and raw material markets. Against this backdrop, South Korea has decided to extend measures aimed at maintaining stable supplies and prices.
South Korea’s Public Procurement Service announced Monday that measures to stabilize the market for goods affected by high oil prices will be extended through the end of the year, Yonhap News Agency reported.
The measures were due to expire at the end of this month, but their extension was deemed necessary amid a prolonged period of high oil prices linked to conflicts in the Middle East.
The products covered by the measures include asphalt concrete, which is particularly sensitive to oil prices, as well as dispenser-type garbage bags that are closely connected to people’s everyday lives.
In March, the Public Procurement Service introduced special measures for the affected products. Several suppliers were exempted from a competitive bidding process at the second stage of contract implementation to help ensure faster deliveries.
The authorities also eased requirements for price adjustments, allowing companies to better reflect increases in production costs resulting from higher raw material prices.
As reported by CCTV+, South Korea will maintain through the end of the year measures aimed at stabilizing the market for goods particularly vulnerable to persistently high oil prices.
