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Temporary Coastal Fishing Vessel Fuel Cost Support Program Begins in Full Scale… Apply Through Your Local Fisheries Cooperative or Agricultural Cooperative!

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Busan Metropolitan City announced that it will begin full-scale implementation of the “Temporary Coastal Fishing Vessel Fuel Cost Support Program,” worth a total of KRW 540 million, to support coastal fishermen facing increased management burdens due to rising international oil prices caused by instability in the Middle East.

Recently, concerns over a potential closure of the Strait of Hormuz and instability in energy supply chains have driven up the supply price of tax-exempt fuel for fishing operations (based on gasoline) to KRW 231,800 per drum as of May, representing an approximately 50 percent increase compared to March.

In particular, fuel costs account for more than 60 percent of fishing operation expenses, and the sharp rise in oil prices is creating significant management burdens for coastal fishermen while also threatening to reduce fishing activity.

To ease the burden caused by the sharp increase in tax-exempt gasoline prices for fishing operations and maintain a stable fishing environment, the city will temporarily subsidize 70 percent of the amount exceeding the standard price.

To ensure swift implementation of the program, the city has already allocated the total project budget of KRW 540 million to fisheries cooperatives and agricultural cooperatives supplying tax-exempt fuel. Beginning today (May 28), fishermen may apply through the fisheries cooperative or agricultural cooperative from which they normally receive tax-exempt fuel.

Support will be limited to one vessel owned by each fisherman. The fisheries cooperatives and agricultural cooperatives will verify eligibility and records of tax-exempt gasoline use before providing fuel cost subsidies.

The city expects the program to help maintain the operational foundation of coastal fisheries while also contributing to the prevention of seafood supply instability and price increases.

Cho Young-tae, Director General of the Marine, Agriculture and Fisheries Bureau of Busan Metropolitan City, stated, “This fuel cost support program is an emergency measure designed to ease the management burden on coastal fishermen experiencing difficulties due to the sharp rise in international oil prices,” adding, “We will continue to promptly implement field-oriented and customized support measures to ensure stability in fishing operations.”