Seoul: The South Korean government on Friday kept its price ceilings for fuel products unchanged for the third consecutive period amid elevated oil prices and escalating tensions in the Middle East, the industry ministry said. Maximum prices for regular gasoline, diesel, and kerosene supplied by local refiners to gas stations will remain unchanged at 1,784 won (US$1.30), 1,773 won, and 1,380 won per liter, respectively, for the next four weeks starting Saturday, according to the Ministry of Trade, Industry and Resources.
According to Yonhap News Agency, the government has maintained the current price ceilings for the past 12 weeks, since June 27, after lowering them to their current levels a day earlier. "International oil prices jumped above $100 per barrel on Sept. 16, with Brent crude exceeding that level, pushing up prices of petrochemical products. The price freeze is aimed at easing upward pressure on consumer prices," the ministry stated.
The government introduced fuel price caps in mid-March to stabilize domestic fuel prices amid supply chain disruptions stemming from the U.S.-Iran war in the Middle East. It plans to adjust the emergency measures as needed while closely monitoring developments in the Middle East and the South Korean economy.