The South Korean government on Friday kept its price caps on fuel products unchanged for a fifth consecutive period amid elevated international oil prices and continued tensions in the Middle East, the industry ministry said.
The maximum prices at which local refiners can supply gasoline, diesel and kerosene to gas stations will remain unchanged at 1,784 won (US$1.3), 1,773 won and 1,380 won per liter, respectively, for the four weeks beginning Saturday, according to the Ministry of Trade, Industry and Resources.
The government has kept the caps at their current levels for 20 weeks since June 27, following a reduction on June 26.
"International oil prices fell below $100 per barrel, with Brent crude reaching $96 per barrel on Nov. 12. However, the price remains more than $20 higher than at the end of June," the ministry said.
The freeze is aimed at easing upward pressure on consumer prices amid elevated oil prices and high ocean freight costs, it added.
The government introduced the fuel price caps in mid-March to stabilize domestic fuel prices amid supply chain disruptions stemming from the US-Iran war in the Middle East.
It plans to adjust the emergency measures as necessary while closely monitoring developments in the Middle East and economic conditions at home. (Yonhap)
