South Korean officials stated on Tuesday that the ruling Democratic Party and the government are considering exercising a right of first refusal to secure more than 6 million barrels of crude oil from foreign refineries stored in the country, as conflicts in the Middle East continue to escalate.

The plan was reviewed during the first meeting of a newly formed task force, which was established earlier that day by lawmakers from the Democratic Party and government officials. The task force aims to assess the economic impact of rising regional tensions and discuss countermeasures.

If implemented, the initiative would allow South Korea to access 6.86 million barrels of crude oil owned by foreign refiners and stored in domestic facilities.

Officials also discussed ways to diversify crude oil and liquefied natural gas imports beyond the Middle East. They explored alternative supply routes that bypass the Strait of Hormuz, which has effectively been closed due to the ongoing conflict.

Additionally, the government plans to conduct joint inspections to crack down on price collusion and other illegal activities.

A spokesperson said, "We will focus inspections on approximately 200 gas stations and take swift necessary actions after making the results public."

As Middle East tensions intensify, the South Korean government has announced plans to implement a price cap system on local fuel prices, set to take effect this week.