Seoul freezes fuel price caps amid Mideast tensions
The Korean government on Friday kept its price caps on fuel products unchanged for a fifth 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 ($1.3), 1,773 won and 1,380 won per liter,…
The South Korean government has maintained its fuel price caps for a fifth consecutive period, on Friday, as international oil prices remain high and Middle East tensions persist, according to the Ministry of Trade, Industry and Resources. Gasoline, diesel, and kerosene prices will stay at 1,784 won, 1,773 won, and 1,380 won per liter, respectively, for the upcoming four weeks starting Saturday.
Since June 27, when the caps were initially reduced, the government has kept them at their current levels for 20 weeks. The freeze aims to curb upward pressure on consumer prices amid rising oil costs and high ocean freight expenses. Introduced in mid-March to stabilize domestic fuel prices amidst supply chain disruptions caused by the U.S., the caps are designed to maintain price stability.
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- Seoul freezes fuel price caps amid Mideast tensions koreatimes.co.kr
