Seoul freezes fuel price caps amid Mideast tensions

The Korean government has decided to maintain fuel price caps for a fifth consecutive period, citing elevated international oil prices and ongoing tensions in the Middle East. The maximum prices for gasoline, diesel, and kerosene will remain unchanged at 1,784 won ($1.3), 1,773 won, and 1,380 won per liter, respectively, for the upcoming four weeks.

This decision, made by the Ministry of Trade, Industry and Resources, comes after 20 weeks of unchanged caps since June 27, following a reduction on June 26. Despite international oil prices falling below $100 per barrel, the Korean fuel prices are still more than $20 higher than the end of June, according to the ministry. The government introduced the fuel price caps in mid-March to stabilize domestic fuel prices amid supply chain disruptions caused by the U.S.

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.