Seoul freezes fuel price caps amid Mideast tensions
SEOUL, Sept. 18 (Yonhap) -- The South Korean government on Friday kept its price...
Seoul has maintained its fuel price caps for the third straight week amid surging oil prices and growing Middle East tensions, according to the Ministry of Trade, Industry and Resources. The government will keep maximum prices for regular gasoline, diesel and kerosene at 1,784 won, 1,773 won and 1,380 won per liter, respectively, for the upcoming four weeks starting Saturday.
This decision comes after international oil prices surged above $100 per barrel on September 16, with Brent crude crossing that threshold, which in turn pushed up the costs of petrochemical products. The price freeze was initially introduced in mid-March to stabilize domestic fuel prices amid supply chain disruptions caused by the U.S.-Iran war in the Middle East.
The government plans to review the emergency measures as necessary while keeping a close eye on the developments in the Middle East and the South Korean economy.
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