President Lee Jae Myung speaks during an emergency economic response meeting held at Cheong Wa Dae in Seoul on Wednesday. (Yonhap)
President Lee Jae Myung speaks during an emergency economic response meeting held at Cheong Wa Dae in Seoul on Wednesday. (Yonhap)

President Lee Jae Myung on Wednesday called on the government to transparently disclose supply and demand conditions for major items to the public to prevent unnecessary confusion in the market, as the conflict involving Iran fuels concerns over supplies of fuel and key materials.

Lee raised concerns about market confusion driven by fake news and rumors, amid reports of hoarding of standard plastic garbage bags amid a sharp rise in polyethylene prices, a key material used to produce plastic bags.

"We should transparently inform the public about supply and demand conditions, and response measures for key items to prevent unnecessary confusion and anxiety from spreading in the market," Lee said during an emergency economic response meeting.

"If information is not clear, unnecessary suspicion and doubt could arise, which may fuel confusion through fake news and rumors," he added.

Lee instructed relevant ministries to identify items whose supplies could be affected by the U.S.-Iran conflict and compile a list to closely monitor supply and demand, prices, and any signs of abnormal market activity on a daily basis.

He also directed ministries to maintain close communication with industries and review distribution channels to ensure timely responses when needed.

To address uncertainties in global supply chains, Lee urged overseas missions to actively explore alternative supply channels to support private-sector efforts to diversify supply chains for key items.

"Overseas missions should take the lead in actively identifying alternative supply sources abroad," he said, adding that such efforts should be linked with the private sector's push to diversify supply chains.

During the meeting, Lee instructed Climate Minister Kim Sung-hwan not to limit the number of garbage bags an individual can buy and to play a role in adjusting supply by region, presidential spokesperson Kang Yu-jung said in a written briefing.

The instruction came hours after Kim said on a YouTube channel that the government could consider limiting purchases of garbage bags per person to curb hoarding, similar to the restrictions imposed on mask purchases during the COVID-19 pandemic.

Lee also instructed the ministries of oceans and foreign affairs to work together to ensure the safe passage of 26 South Korean vessels stranded in the Strait of Hormuz, a key oil shipping route effectively disrupted by the escalating Middle East conflict, and to explore alternative transport routes, including shipping crude oil via the Red Sea, according to Kang. (Yonhap)