South Korea to Lower Fuel Price Cap as Part of Inflation Measures, Finance Minister Says

South Korea will lower its fuel price cap as part of measures to curb inflationary pressures, the country’s finance minister said on Friday. According to Jin10, the minister said the government kept the sixth round of the fuel price cap unchanged this week due to ongoing uncertainty in the Middle East. He added that the seventh round of the cap would be set below the current level and would remain there until consumer prices stabilize. South Korea introduced a nationwide fuel price cap policy in March for the first time in decades. Authorities currently adjust the cap once a month.