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South Korea is set to impose a price cap on fuel products for the first time in 30 years, as oil prices skyrocketed on Monday due to the war in Iran.
In a briefing on Monday, President Lee Jae Myung said the government will “swiftly introduce” a fuel price cap, adding that Seoul will explore ways to diversify its energy import sources, according to a TV broadcast.
Oil prices surged on Monday as key Middle East producers cut output and the U.S. called for Tehran’s “unconditional surrender” over the weekend.
Brent futures
