Gov't freezes fuel price caps amid Mideast tensions

The Korean government has decided to maintain its fuel price caps for the second straight period, despite the rising oil prices and ongoing tensions in the Middle East. The maximum prices for regular gasoline, diesel, and kerosene, supplied by local refiners to gas stations, will remain unchanged at 1,784 won ($1.30), 1,773 won, and 1,380 won per liter, respectively, for the next four weeks starting from Saturday.

This decision comes after the government has kept the current price ceilings for the past eight weeks, beginning on June 27, after lowering them to their current levels on June 26. The extension of the price caps is attributed to the recent surge in international oil prices, which rose to around $90 per barrel due to a prolonged stalemate in the Middle East, according to a ministry official.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.