Lee Jae Myung Orders Oil Price Caps Amid Global Market Volatility

South Korean President Lee Jae Myung has instructed his senior officials to maintain oil price caps until global oil prices become more stable. The president made this decision during a meeting with his aides in Brasilia, where he is currently on a state visit.

The move comes as the renewed conflict in the Middle East has pushed global oil prices above $100 per barrel for the first time since May. In an effort to stabilize domestic fuel prices, the Seoul government introduced fuel price caps in mid-March amid supply chain disruptions driven by the conflict.

President Lee emphasized that preemptive efforts should be made promptly to minimize the impact of volatile oil prices on domestic prices. He also instructed officials to maintain other related measures, such as oil tax cuts, and to consider further action if the situation worsens.

The president specifically mentioned truck drivers, heavy equipment operators, farmers, and migrant workers as those especially vulnerable to high oil prices. He called for efforts to help keep prices stable and instructed officials to thoroughly scrutinize market irregularities, such as market cornering or price-fixing involving goods essential to people's livelihoods.