Temporary Fuel Price Cap System Set.

The South Korean government officially implemented a temporary fuel price cap system. This emergency measure aims to shield households and businesses from the fallout of the ongoing Middle East energy crisis. For the first time since 1997, the Ministry of Trade, Industry, and Energy invoked a provision of the Petroleum Business Act to designate a maximum sales price for oil products. Under this system, the government sets the maximum price that refineries can charge gas stations and distributors. The goal is to keep domestic gasoline prices stable even as international crude markets fluctuate wildly.

©YovaniBernard