The President of South Korea calls on the authorities to implement a price ceiling on fuel prices

Yesterday, South Korean President Lee Jae-myung called on the authorities to speed up the implementation of a price ceiling on local fuel prices and take proactive measures to deal with the rise in gas prices and the fluctuation of exchange rates in light of the tensions in the Middle East.

South Korean Yonhap News Agency reported that Myung made these comments during a ministerial meeting to evaluate developments in the region, which has seen oil prices jump.

Myung said: “As the Middle East crisis worsens, uncertainty is expanding in the local and global economic environment, which represents a major burden on the Korean economy, which strongly depends on global trade and energy imports from the Middle East.”

Yesterday, the South Korean President called for taking proactive steps, taking into account the worst scenarios, to confront the economic repercussions resulting from the escalation of tensions in the Middle East, calling for measures to be taken to ensure financial stability and to explore alternative energy methods.

On the other hand, South Korea and the United States began their annual joint spring military exercises yesterday, to strengthen their joint defense posture, as part of their preparations to transfer wartime operational control from Washington to Seoul.

The “Freedom Shield” maneuvers are scheduled to continue until March 19, which includes field training called “Warrior Shield,” according to the South Korean Yonhap News Agency.

South Korea is seeking to achieve the transfer of wartime operational control from the United States during Myung’s five-year term that will end in 2030.

As part of efforts for rapid transfer, the two allies agreed to complete Seoul’s full operational capability verification process, the second part of a three-phase program to evaluate its capabilities to command the two allies’ combined forces, by the end of this year.

The number of forces participating in the 2026 exercises is about 18,000 soldiers, a number similar to the number last year.

However, Seoul and Washington are expected to conduct 22 field exercises during the Freedom Shield maneuvers, which is approximately less than half compared to last year (51 field exercises).

The army has been seeking to distribute field exercises throughout the year to ensure military readiness throughout the year since the launch of the Myeong government.

North Korea has long denounced the joint military exercises between Seoul and Washington as “rehearsals” for an invasion, although the two allies have said the exercises are defensive in nature.