South Korea Keeps Fuel Price Caps Unchanged Amid Middle East Tensions

According to Yonhap, South Korea kept its fuel price caps unchanged for four weeks starting Saturday as renewed tensions in the Middle East pushed up volatility in global oil markets. The Ministry of Trade, Industry and Resources set maximum prices at 1,784 won ($1.21) per liter for regular gasoline, 1,773 won for diesel and 1,380 won for kerosene. The ministry said the decision was intended to ease pressure on consumers as inflation remained above 3 percent in June, and added that it would manage the cap system flexibly by tracking conditions at home and abroad. South Korea introduced the price ceiling system in March to stabilize domestic fuel prices amid swings in the global energy market.