Seoul: The South Korean government on Friday kept its price ceilings for fuel products unchanged for the second consecutive period amid elevated oil prices and prolonged tensions in West Asia, the industry ministry said, Yonhap News Agency reported. Maximum prices for regular petrol, diesel, and kerosene supplied by local refiners to petrol stations will remain unchanged at 1,784 won (US$1.30), 1,773 won, and 1,380 won per litre, respectively, for the next four weeks beginning Saturday, according to the Ministry of Trade, Industry and Energy.
According to Nam News Network, the government has maintained the current price ceilings for the past eight weeks, since June 27, after lowering the caps to their current levels on June 26. International oil prices fell to around US$70 per barrel in early August, but Brent crude rose to US$90 on August 20 amid a prolonged stalemate in West Asia, leading to the latest extension of the price caps, a ministry official said.
The government introduced fuel price caps in mid-March to stabilise domestic fuel prices amid supply chain disruptions stemming from the war between the United States and Iran in West Asia. It plans to adjust the emergency measures flexibly while closely monitoring developments in West Asia and the South Korean economy, the ministry said.