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Prime minister says gov't will decide whether to keep fuel price caps after review

Published: 22 Apr. 2026, 13:44

Prime Minister Kim Min-seok, third from left, attends a meeting of the emergency economic headquarters at the government complex in Seoul on April 22 to discuss the government's response to the Middle East crisis. [YONHAP]

Prime Minister Kim Min-seok said Wednesday the government will decide whether to keep price caps on fuel products after a careful review, as the temporary measure designed to offset price hikes caused by the Iran war is set to expire this week.

Kim made the remark during a government meeting on the economic impact of the conflict. The current price ceilings are set to expire Thursday.

"There are various opinions about the effectiveness of the maximum price system, but what is clear is that with its implementation, positive effects have been confirmed, such as the prevention of price spikes, eased decline in consumer spending and reduced shock to cargo truck drivers and other sectors sensitive to oil prices," he said.

"The government will decide whether to carry out a fourth round of the maximum price system by fully and carefully considering the positive effects and diverse opinions," he added.

The government introduced the price cap system in mid-March to mitigate the effect of supply disruptions caused by the Middle East war.

Under the system, prices have been updated every two weeks, with the current ceilings for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries at 1,934 won, 1,923 won and 1,530 won per liter ($4.95, $4.92 and $3.92 per gallon), respectively.

Yonhap