The Korean government on Friday kept its fuel price caps unchanged for a second consecutive period amid elevated oil prices and prolonged Middle East tensions, the industry ministry said. Maximum prices for regular gasoline, diesel and kerosene will stay at 1,784 won, 1,773 won and 1,380 won per liter for the next four weeks beginning Saturday. The government has maintained the current ceilings for eight weeks since June 27. A ministry official said Brent rose to $90 on Aug. 20 amid the stalemate in the Middle East.
A customer fuels a vehicle at a gas station in Seoul, Friday, ahead of the ninth announcement of maximum petroleum prices. Yonhap
The Korean government on Friday kept its price ceilings for fuel products unchanged for the second consecutive period amid elevated oil prices and prolonged tensions in the Middle East, the industry ministry said.
Maximum prices for regular gasoline, diesel and kerosene supplied by local refiners to gas stations will remain unchanged at 1,784 won ($1.30), 1,773 won and 1,380 won per liter, respectively, for the next four weeks beginning Saturday, according to the Ministry of Trade, Industry and Energy.
The government has maintained the current price ceilings for the past eight weeks, since June 27, after lowering the cap to their current levels on June 26.
