South Korea Freezes Fuel Price Caps Amid Rising Global Oil Prices

The South Korean government has decided to freeze fuel price caps for another four weeks, citing concerns over inflation and household living costs.

The maximum prices for gasoline, diesel, and kerosene will remain unchanged from the previous period at 1,784 won ($1.29), 1,773 won, and 1,380 won per liter, respectively.

This decision comes as global oil prices have begun rising again amid renewed uncertainty in the Middle East.

The government estimates that inflation could have reached 3.6 percent without the fuel price cap system, which has been in place since March.