Seoul: South Korean President Lee Jae Myung called on Tuesday for his administration to "preemptively" implement an "emergency response system" to address concerns over oil and gas supplies. This comes as the US-Israeli conflict with Iran persists, causing disruptions in global energy markets, as reported by local media.

According to Anadolu Agency, during a Cabinet meeting, President Lee emphasized the need for the swift approval of an additional budget aimed at assisting small and medium-sized enterprises and vulnerable households affected by rising energy prices. He noted that with the ongoing impact of the Middle East conflict, the sooner a 'wartime supplementary budget' is prepared and enacted, the more effective it will be.

President Lee urged government ministries to conduct thorough reviews of items at risk of supply disruption, evaluate their potential impact, and identify alternative supply sources. This initiative aims to develop robust contingency plans to prevent a worst-case scenario. In an effort to stabilize the energy market, the government introduced a temporary fuel price cap system on March 13, with adjustments scheduled every two weeks. The second round of this oil price cap system is set to commence on Friday.

Additionally, Lee issued a warning against profiteering during the crisis, as prosecutors began investigating allegations of local refiners colluding to set oil prices domestically. He called for public support in energy-saving efforts, urging public institutions to implement vehicle rotation schemes based on license plate numbers every five days and encouraged the use of public transportation.