Korean Government Cuts Gas Prices on Highways During Chuseok Holiday

The Korean government has announced measures to ease fuel costs during the Chuseok holiday. Starting from September 24th to 27th, 226 highway gas stations will lower gasoline and diesel prices by 100 won per liter (26 cents per gallon) compared to their Thursday levels.

This move aims to mitigate the impact of rising international oil prices due to growing uncertainty in the Middle East. Deputy Prime Minister and Finance Minister Koo Yun-cheol stated that the government will maintain its emergency response system and work to stabilize energy supplies and prices.

The Korea Oil Station Association (KOSA) has criticized this measure, arguing that it would force privately owned gas stations to close due to price competition. The association claims that cutting prices only at highway gas stations would drive customers away from other gas stations.