Energy minister Bang Moon-kyu says stabilizing domestic petroleum prices is a top priority amid growing uncertainty surrounding the oil market due to the Israel-Hamas war.

Bang made the remark on Wednesday during a meeting with officials of oil industries and public agencies.

The minister urged oil company chiefs to implement petroleum price policies in a transparent and fair manner so that the public will not bear the complete burden from the latest rise in global oil prices.

Stressing that the government has placed top priority on the stabilization of  petroleum prices in price control policies, Bang warned the government will take stern measures against acts that incite inflation by taking advantage of the rise in global oil prices.

Meanwhile, the government assessed that the Israel-Hamas war has not affected the nation’s energy supply and demand.

The government plans, however, to monitor the status of petroleum and gas reserves in real-time, inspect related facilities and maintain an emergency response system given that any contingency could arise.