Seoul keeps fuel price caps for another four weeks — Korea Herald

The South Korean government has kept unchanged the ceiling prices at which local oil refiners can supply gasoline, diesel fuel and kerosene to gas stations. The restrictions will remain in effect for four weeks starting Saturday, Korea Herald reports, citing the country’s Ministry of Trade, Industry and Energy.

Ceiling prices

The maximum supply price for gasoline will be 1,784 won per liter, for diesel fuel — 1,773 won, and for kerosene — 1,380 won per liter. The government has maintained these restrictions for the fourth consecutive time. The current level of the caps has been in effect for 16 weeks, since June 27, after they were lowered on June 26.

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Impact of oil prices

The ministry explained the decision by high global oil prices and tensions in the Middle East. According to the ministry, oil prices remain above $100 per barrel, while Brent reached $105.90 per barrel on Thursday. This is driving up prices for petrochemical products.

The government introduced fuel price caps in mid-March to stabilize domestic prices amid supply chain disruptions related to the war between the United States and Iran in the Middle East. Authorities said they would adjust the emergency measures as necessary, monitoring developments in the region and economic conditions in South Korea.