Gov't to keep price caps on fuel products unchanged for next 2 weeks
Yonhap News
Kim Na-young
KO
2026-04-09 10:00
SEOUL, April 9 (Yonhap) -- The government said Thursday it will maintain the cur...
SEOUL, April 9 (Yonhap) -- The government said Thursday it will maintain the current price ceilings on fuel products for the next two weeks amid the rapidly changing situation in the Middle East with a fragile two-week ceasefire between the United States and Iran.
Maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries will be unchanged at 1,934 won (US$1.3), 1,923 won and 1,530 won per liter, respectively, for the next two weeks, according to the Ministry of Trade, Industry and Resources.
The government sets maximum prices for fuel products every two weeks under the price cap system introduced in mid-March to stabilize domestic fuel prices.
The ministry said it has decided to freeze the price caps considering that international gasoline prices dropped steeply to a level similar to those from two weeks earlier after the U.S. and Iran announced Wednesday their agreement on a two-week ceasefire, though they are continuing to wrangle over the terms of the deal.
As a result, there was not much of a reason to increase the price ceiling for gasoline, Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a press briefing.
Regarding diesel and kerosene prices, Yang said global prices of those products have risen, but the government decided not to raise the domestic price thresholds considering that they have a bigger impact on people's livelihoods as the products are mostly used by workers, such as cargo truck drivers, couriers, farmers and fishermen.
The government plans to continue close monitoring of unfair market practices involving fuel products to prevent gas stations from excessively hiking prices despite Thursday's price freeze decision, the ministry said.
An intergovernmental inspection team has identified 85 cases of illicit practices since it launched an intensive inspection of 4,851 gas stations nationwide with the introduction of the fuel price cap system last month, the ministry noted, vowing a stern response against such actions.
nyway@yna.co.kr(END)
Maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries will be unchanged at 1,934 won (US$1.3), 1,923 won and 1,530 won per liter, respectively, for the next two weeks, according to the Ministry of Trade, Industry and Resources.
The government sets maximum prices for fuel products every two weeks under the price cap system introduced in mid-March to stabilize domestic fuel prices.
The ministry said it has decided to freeze the price caps considering that international gasoline prices dropped steeply to a level similar to those from two weeks earlier after the U.S. and Iran announced Wednesday their agreement on a two-week ceasefire, though they are continuing to wrangle over the terms of the deal.
As a result, there was not much of a reason to increase the price ceiling for gasoline, Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a press briefing.
Regarding diesel and kerosene prices, Yang said global prices of those products have risen, but the government decided not to raise the domestic price thresholds considering that they have a bigger impact on people's livelihoods as the products are mostly used by workers, such as cargo truck drivers, couriers, farmers and fishermen.
The government plans to continue close monitoring of unfair market practices involving fuel products to prevent gas stations from excessively hiking prices despite Thursday's price freeze decision, the ministry said.
An intergovernmental inspection team has identified 85 cases of illicit practices since it launched an intensive inspection of 4,851 gas stations nationwide with the introduction of the fuel price cap system last month, the ministry noted, vowing a stern response against such actions.
nyway@yna.co.kr(END)