South Korea has not yet received any formal request from Iran regarding fees for passage through the Strait of Hormuz, as confirmed by a Seoul official. Yang Ghi-wuk, the deputy minister for trade, industry, and resource security, mentioned during a press briefing that Iran has not sought transit fees or payments, despite media reports suggesting otherwise. The situation remains uncertain, and it is unclear how the international community would react if Iran decides to impose fees, potentially leading to a slight increase in domestic fuel prices.
Yang emphasized that discussions are ongoing with Iran to understand the status of the Hormuz strait and ensure safe passage. However, there has been no significant progress reported so far. In the meantime, South Korea is actively securing alternative crude oil supplies, with 50 million barrels already secured for April and an additional 60 million barrels for May. These efforts aim to mitigate any potential disruptions in the country’s oil imports.
The trade ministry disclosed that the secured oil volumes for April and May represent a significant portion of the usual monthly import level, ensuring a stable supply chain. Furthermore, the supply of essential materials for industries and daily needs, including helium and ethylene gas, remains unaffected by any major disruptions. South Korea continues to monitor the situation closely to maintain a steady flow of crucial resources.
