Korea Extends Fuel Price Capping Amid Ongoing Middle East Tensions

The Korean government announced it will keep fuel price ceilings unchanged for four more weeks due to rising oil prices and ongoing tensions in the Middle East.

The maximum prices for regular gasoline, diesel, and kerosene supplied by local refiners to gas stations will remain at 1,784 won ($1.30), 1,773 won, and 1,380 won per liter, respectively.

This is the second consecutive period that the government has maintained the current price ceilings, which were lowered to their current levels on June 26.

The Ministry of Trade, Industry and Energy cited Brent crude's rise to $90 a barrel as a major factor in extending the price caps, noting that oil prices had previously fallen to around $70 per barrel in early August.