Gov't to review market conditions every two weeks to gauge if fuel cost cap is needed
Published: 11 Mar. 2026, 18:23
Updated: 11 Mar. 2026, 20:34
![Deputy Prime Minister Koo Yun-cheol delivers opening remarks at an emergency economy ministers’ meeting at the Government Complex Seoul in Jongno District, central Seoul, on March 11. [NEWS1]](https://koreaseafood.online/data/photo/2026/03/11/49c98fc1-ce13-4378-ab8a-ca0cb79ad8e3.jpg)
Deputy Prime Minister Koo Yun-cheol delivers opening remarks at an emergency economy ministers’ meeting at the Government Complex Seoul in Jongno District, central Seoul, on March 11. [NEWS1]
The government plans to review market conditions once every two weeks if it decides to set a ceiling on fuel costs as oil prices remain volatile due to the war in the Middle East.
“The subsidy burden would not increase significantly if the government set an appropriate cap for fuel prices based on their levels before the conflict and their current elevated ones,” Deputy Prime Minister Koo Yun-cheol said at a committee meeting at the National Assembly on Wednesday.
“If oil prices continue to rise, the price cap will also be adjusted,” he said. “The government is preparing a comprehensive package that could include an appropriate price cap, cuts on the fuel tax, support for vulnerable groups and, if necessary, a supplementary budget.”
Regarding when the measure would be lifted, Koo explained that the government would consider that option once oil prices fall below the level set by the government and remain stable.
When asked if there was a specific price threshold in mind, Koo answered, “Around 1,800 won per liter [$4.62 per gallon].”
On how the ceiling would be applied when prices differ by gas station, he said the government planned to base the adjustment on refiners' supply prices.
As of 5:39 p.m. on Thursday, the average gasoline price stood at 1,904.25 won per liter nationwide and 1,940.5 won in Seoul. The nationwide average rose to 1,950 won on Monday.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY PARK JONG-SUH [[email protected]]
with the Korea JoongAng Daily
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