South Korea extends procurement stabilization measures related to high oil prices until the end of the year

According to Yonhap News Agency, the Public Procurement Service of South Korea announced on the 28th that, due to the prolonged situation of high oil prices triggered by the war in the Middle East, the stabilization measures for the procurement market targeting items affected by high oil prices, originally set to expire at the end of this month, will be extended until the end of the year. The targeted items are asphalt concrete, which is significantly impacted by oil prices, and metered garbage bags that are closely tied to public daily life. In March this year, the Public Procurement Service implemented relevant measures for these products, exempting multiple suppliers from the second stage of contract competition to enable fast delivery; at the same time, the conditions for price adjustments were relaxed so that companies could promptly reflect increases in raw material costs in the prices of goods. Baek Ho-seong, Director of the Public Procurement Service, stated: "Even if there are uncertainties in both internal and external environments, we will stabilize and operate the procurement market through proactive administration so that companies can focus on their business activities with peace of mind."