President Lee Jae-myung (이재명) on Monday, in response to rising tensions in the Middle East triggered by a U.S. attack on Iran, said the government should prepare measures assuming the situation will be prolonged and keep even the worst-case scenario in mind.

Lee made the remarks at a cabinet meeting he chaired at the Government Complex Sejong. He said fuel prices have stabilized somewhat since the introduction of a price cap on oil, but the situation in the Middle East is expanding in ways that exceed expectations. He said that if the situation continues as it is, oil prices could become unstable again and the shock to livelihoods overall could grow.

Lee said the government should spare no effort to find additional supply lines by mobilising all diplomatic capabilities and assets, as it did when it secured additional crude oil from the United Arab Emirates. He suggested that the situation was difficult and required the public's understanding and participation.

He also said efforts to save energy should spread across society. He called for establishing a range of measures to cut energy demand, such as a five-day or 10-day vehicle rationing system, if needed. He said emergency steps should also be considered, including reviewing export controls and increasing the operation of nuclear power plants.

Lee in particular ordered the government to quickly compile a "war supplementary budget" to support vulnerable groups and exporting companies.

He added that the stronger the external headwinds, the faster the country should move forward with a major national transformation. He urged that when investing in regions, support should be firm and on a massive scale that is not minimal but difficult to imagine.

Lee said conditions were worsening for most vulnerable sectors, and that it seemed unavoidable to implement income support policies in the process of compiling the supplementary budget. He asked for a radical review so that support could be expanded much more broadly for local regions even in that case.

[Yonhap News Agency]