South Korean President Orders Retention of Oil Price Caps Amid Global Uncertainty

South Korean President Lee Jae Myung has instructed his senior officials to maintain oil price caps until global price uncertainty completely subsides. The president made this announcement on July 26 during a virtual meeting with his aides in Brasilia, where he is currently visiting.

The decision comes as the ongoing conflict in the Middle East has pushed global oil prices above $100 per barrel for the first time since May. To mitigate the impact of these rising prices on domestic markets, the Seoul government introduced fuel price caps in mid-March.

President Lee emphasized the need to protect vulnerable groups such as truck drivers, heavy equipment operators, farmers, and migrant workers from the burden of high oil prices. He also instructed officials to scrutinize market irregularities, including market cornering or price-fixing involving essential goods.