Key facts
- South Korea's government kept fuel price ceilings unchanged for the third consecutive period.
- Maximum prices for regular gasoline, diesel, and kerosene will remain unchanged for four weeks.
- International oil prices surpassed $100 per barrel on September 16, with Brent crude exceeding that level.
- The price freeze aims to ease upward pressure on consumer prices.
- The government has maintained current price ceilings for the past 12 weeks.
SEOUL, Sept. 18 (Yonhap) -- The South Korean government announced Friday it will keep its price ceilings for fuel products unchanged for a third consecutive period, citing elevated oil prices and escalating tensions in the Middle East. The decision, effective Saturday, will maintain the maximum prices for regular gasoline, diesel, and kerosene at 1,784 won (US$1.30), 1,773 won, and 1,380 won per liter, respectively, for the next four weeks. This marks the 12th consecutive week the government has held the price caps at their current levels, having first lowered them on June 27. The Ministry of Trade, Industry and Resources stated that the freeze is intended to mitigate the impact of rising international oil prices, which saw Brent crude surpass $100 per barrel on September 16, on consumer prices. The government initially implemented these fuel price caps in mid-March as an emergency measure to stabilize domestic fuel prices amid supply chain disruptions linked to the U.S.-Iran conflict. The ministry indicated it will continue to monitor the situation in the Middle East and the domestic economy, adjusting the measures as necessary.