S.Korea Freezes Fuel Prices Amid Rising Oil Costs

South Korea's government has taken emergency measures to mitigate the impact of rising oil prices on its economy. As international tensions escalate in the Middle East, the price of Brent crude futures for September delivery has surged to $100.69 per barrel, breaching the $100 mark for the first time in about two months.

To ease the burden on households and small business owners, the government will freeze the maximum fuel price cap at ₩1,784, ₩1,773, and ₩1,380 per liter for gasoline, diesel, and kerosene respectively. The eighth fuel price ceiling will remain in effect through September 30.

The government has also extended a temporary fuel tax cut by two months to minimize the burden on consumers such as truck drivers, delivery workers, and farmers and fishermen. Fuel taxes including value-added tax will remain at ₩698 per liter for gasoline (approximately $0.48), ₩436 for diesel (approximately $0.30), and ₩152 for LPG butane (approximately $0.10).