Middle East Tensions Drive Up Oil Prices, Leading to Tax-Exempt Fuel for Fishing Boats

The South Korean fishing industry is struggling as international oil prices continue to climb due to the unstable situation in the Middle East. Faced with the burden of higher fuel costs, some fishing boats are being forced to abandon or reduce their operations.

On the 22nd, a vehicle from the fisheries cooperative was seen refueling fishing boats at Susanshang Port in Yangyang County, illustrating the impact of rising oil prices on fishing activities.

International oil prices are highly volatile, depending on the developments in Middle East conflicts and decisions by major oil-producing countries regarding output increases. This uncertainty makes it difficult for the fishing industry to establish business plans.