South Korea keeps fuel price caps on gasoline, diesel and kerosene unchanged for a fifth consecutive four-week period, citing elevated international oil prices and ongoing tensions in the Middle East. The Ministry of Trade, Industry and Resources says the maximum prices refiners can charge at the pump remain at 1,784 won ($1.3) per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene, effective from Saturday.
The government frames the decision as a way to reduce upward pressure on consumer prices while oil markets stay unstable. It notes international crude has eased in recent days, with Brent reaching about $96 per barrel on Nov. 12, but remains more than $20 above late-June levels. The freeze continues after the caps were reduced on June 26, and the current levels have been maintained since June 27. Seoul introduced the caps in mid-March to help stabilize domestic fuel prices amid supply-chain disruption, including issues linked to the U.S.
Across sources, both outlets describe the same policy action and the same stated rationale, with Yonhap largely echoing the government’s explanation.
