Tag: price cap

price cap

Latest News

Lee orders retention of oil price caps, related measures until volatility recedes

President Lee Jae Myung's remarks came after the renewed conflict in the Middle East pushed global oil prices to around $100 per barrel for the first time since May.

2026.7.27

Global oil prices hit three-month low, but when will pump prices drop?

Crude prices have hit three-month lows after a U.S.-Iran cease-fire, but Korean drivers may wait weeks for lower gasoline prices because of supply lags, a weak won and government price caps.

2026.6.16

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A car is getting refueled at a gas station in downtown Seoul on May 7. [NEWS1]

Government extends fuel price caps for the fourth consecutive time

The government froze the price ceilings on fuel products for the fourth consecutive time Thursday, amid lessening volatility in global crude prices and a relatively stable supply of oil entering the country.

2026.5.21

A driver fuels a car at a gas station in Seoul on April 23. [NEWS1]

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.

2026.4.23

Fuel prices are displayed on a board outside a gas station in Seoul on March 12. [NEWS1]

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.

2026.3.13

Gas prices are shown outside a gas station in Seoul on March 12, 2026. [NEWS1]

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

2026.3.13

Tag: price cap

price cap

Latest News

Lee orders retention of oil price caps, related measures until volatility recedes

Global oil prices hit three-month low, but when will pump prices drop?

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Government extends fuel price caps for the fourth consecutive time

Government extends fuel price cap freeze for two more week

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

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