Seoul keeps fuel price caps unchanged amid Mideast tensions
The government on Friday kept its price caps on fuel products unchanged for a fourth consecutive period amid elevated international oil prices and continued tensions in the Middle East, the industry ministry said. The maximum prices at which local refiners can supply gasoline, diesel and kerosene to gas stations will remain unchanged at 1,784 won (US$1.30), 1,773 won and 1,380 won per liter,…
The South Korean government decided to maintain its fuel price caps for a fourth straight period on Friday, as international oil prices and Middle Eastern tensions remain high, according to the Ministry of Trade, Industry and Resources. Gasoline, diesel, and kerosene will continue to be sold at 1,784 won, 1,773 won, and 1,380 won per liter respectively, for the four-week period starting Saturday.
The government has kept these price limits in place for 16 weeks since June 27, after they were lowered to their current levels on June 26. The fuel price freeze is aimed at curbing upward pressure on consumer prices, the ministry stated. In March, the government introduced these emergency measures to stabilize domestic fuel prices amidst supply chain disruptions caused by the US-Iran war in the Middle East. The government plans to reassess the emergency measures in the future.
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- Seoul keeps fuel price caps unchanged amid Mideast tensions koreatimes.co.kr
- Seoul keeps fuel price caps unchanged amid Mideast tensions en.yna.co.kr
