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Fuel consumption down after price cap system, Industry Ministry says

Published: 16 Apr. 2026, 17:52

A delivery rider refuels at a gas station in Seoul on the first day of the third phase of the oil price ceiling system on April 10. [NEWS1]

Korea's fuel consumption has decreased since the country implemented a price cap system, an official from the Ministry of Trade Industry and Resources said Thursday, dispelling concerns surrounding supply disruptions caused by the Middle Eastern crisis.

Gasoline sales between the fourth week of February and the second week of April went down 11 percent from the corresponding tally for the same period last year, Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regular press briefing on energy supply.

Diesel sales decreased 7.1 percent on year over the cited period.

The Seoul government introduced the fuel price cap system on March 13, about two weeks after the United States and Israel launched airstrikes against Iran, in a bid to rein in surging fuel prices.

Yang's comments came in response to concerns that the price ceiling system may lead to an increase in fuel consumption amid crude supply disruptions.

Regarding Wednesday's announcement that Korea has secured 273 million barrels of crude oil for use this year from four nations in the Middle East, Yang said the government has received confirmation from Saudi Arabia's national oil company, Saudi Aramco, that it will ship 50 million barrels to Korea by June.

Seoul had imported around 80 million barrels of oil on a monthly average before the Iran war broke out.

Yonhap