The South Korean government on Friday kept its price caps on fuel products unchanged for a fourth 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 ($1.30), 1,773 won and 1,380 won per liter, respectively, for the four weeks starting Saturday, according to the Ministry of Trade, Industry and Resources.
The government has maintained the current price caps for 16 weeks since June 27 after lowering them to their current levels June 26.
"International oil prices remain above $100 per barrel, with Brent crude reaching $105.90 per barrel on Thursday, pushing up the prices of petrochemical products. The price freeze aims to ease upward pressure on consumer prices," the ministry said.
The government introduced 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 in South Korea. (Yonhap)