Oil Price Cap Frozen for 4 Weeks, Gasoline at 1784 Won

The government has frozen the 9th oil price cap, which will be applied for four weeks starting from midnight on the 22nd. Gasoline will remain at 1784 won per liter, diesel at 1773 won, and kerosene at 1380 won. The Ministry of Trade, Industry and Energy announced on the 21st that the 9th oil price cap is set at the same level as the previous 8th cap. With this application, the oil price cap system will exceed six months of implementation. The 9th price cap is the same as the 7th and 8th caps. Following the decline in international oil prices after the ceasefire agreement in the Middle East between the United States and Iran, the government lowered the 7th price by 150 won per liter on June 26 and has maintained the same price since then. This decision comes as international oil prices have risen again to around 90 dollars per barrel. The Ministry of Industry explained that it considered both the burden on the public and international oil prices. International oil prices rose from around 70 dollars per barrel earlier this month, with Brent crude reaching 93.8 dollars per barrel and Dubai crude at 95.6 dollars on the 20th. The government aims to manage prices and alleviate the burden on the public through the operation of the price cap system. President Lee Jae-myung has instructed to continue the oil price cap system and maintain the fuel tax reduction policy. A Ministry of Industry official stated that they will operate the price cap system by comprehensively considering domestic and international situations.

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