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According to Sinochem New Network, recently South Korean President Lee Jae-myeong announced that, given the deterioration of the situation in the Middle East which has led to soaring international crude oil prices, South Korea will set limits on domestic fuel prices. The upper limit price for the first round is 1,724 won per liter for regular gasoline, 1,713 won per liter for diesel fuel for vehicles, and 1,320 won per liter for kerosene. This is the first time in nearly 30 years that South Korea has implemented a fuel price cap. At an emergency meeting convened by the government to discuss the impacts of the Middle East crisis, Lee Jae-myung said that oil product prices had risen \"too sharply\" recently, and the government would \"rapidly introduce and strictly enforce\" a price cap system. Lee Jae-myung pointed out that the current crisis “has imposed a heavy burden on South Korea’s economy, which is highly dependent on global trade and energy imports from the Middle East.” He also said that the government will seek alternative energy supply routes other than the Strait of Hormuz. Kim Yong-beom, head of the Policy Office in the Blue House, explained that the price cap can be adjusted every two weeks. Lee Jae-myung also called on the government and the Bank of Korea to introduce more measures to address fluctuations in the financial and foreign exchange markets, stating that the market stabilization plan, with a scale of 100 trillion won, should be expanded as needed.