Commodities
Lee Orders Retention of Oil Price Caps Amid Global Volatility
President Lee Jae Myung has instructed his senior officials to maintain oil price caps until global prices stabilize. The measure aims to minimize the impact of high oil prices on domestic fuel costs, which have risen due to the renewed conflict in the Middle East.
The Seoul government introduced fuel price caps in mid-March to stabilize domestic fuel prices following supply chain disruptions driven by the conflict in the Middle East.
President Lee Jae Myung presided over an online meeting with senior officials from Brasília on July 26, where he emphasized the need for pre-emptive efforts to mitigate the impact of high oil prices on vulnerable groups such as truck drivers and migrant workers.