Government extends fuel price cap freeze for two more week

The government said Thursday it will maintain the current price ceilings on fuel products for another two weeks, considering international oil prices and demand-side controls.

2026-04-23

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

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.

2026-04-22

Government's oil price cap fails to curb demand, places financial burden on refiners

The Korean government’s oil price cap is failing to curb demand while placing a growing financial burden on refiners amid volatile global oil prices.

2026-04-20

Domestic oil refiners suffocate from pressure as gov't moves to curb surging fuel prices

Domestic oil refiners are suffocating from the pressure as the government moves to curb surging fuel prices triggered by the Middle East crisis — from a fuel price cap to investigations into possible collusion and the revival of a windfall tax bill.

2026-03-13

Lee calls for close monitoring of gas stations as fuel price cap takes effect

Gasoline prices declined for three days before the government's fuel price cap went into effect. President Lee Jae Myung urged close monitoring of gas stations to ensure adherence to the cap