Gov't freezes fuel price caps amid Mideast tensions
The Korean government on Friday kept its price ceilings for fuel products unchanged for the second consecutive period amid elevated oil prices and prolonged tensions in the Middle East, the industry ministry said. 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,…
The South Korean government has maintained its fuel price caps for the second straight period in response to rising oil prices and ongoing tensions in the Middle East, according to the Industry Ministry. Regular gasoline, diesel, and kerosene will continue to have maximum prices of 1,784 won, 1,773 won, and 1,380 won per liter, respectively, for the upcoming four weeks starting Saturday.
The government has kept these price ceilings in place since June 27 after initially reducing them on June 26. International oil prices dropped to approximately $70 per barrel in early August, but Brent crude surged to $90 by August 20 due to a stalemate in the Middle East, prompting the latest extension of the price limits, a ministry official revealed to Yonhap News Agency.
Fuel price caps were introduced in mid-March to stabilize domestic fuel prices amidst supply chain disruptions caused by the conflict between the United States and Iran.
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- Gov't freezes fuel price caps amid Mideast tensions koreatimes.co.kr
- World : South Korea Freezes Fuel Price Caps Amid West Asia Tensions bernama.com
