SEOUL (Bernama-Yonhap): The South Korean government on Friday kept its price ceilings for fuel products unchanged for the third consecutive period amid elevated oil prices and escalating tensions in West Asia, Yonhap News Agency reported.
Maximum prices for regular petrol, diesel and kerosene supplied by local refiners to petrol stations will remain unchanged at 1,784 won (US$1.30), 1,773 won and 1,380 won per litre, respectively, for the next four weeks starting Saturday, according to the Ministry of Trade, Industry and Resources.
The government has kept the current price ceilings in place for the past 12 weeks, since June 27, after lowering them to their current levels a day earlier.
"International oil prices jumped above US$100 per barrel on Sept 16, with Brent crude exceeding that level, pushing up prices of petrochemical products. The price freeze is aimed at easing upward pressure on consumer prices," the ministry said.
The government introduced fuel price caps in mid-March to stabilise domestic fuel prices amid supply chain disruptions stemming from the US-Iran war in West Asia.
It plans to adjust the emergency measures as needed while closely monitoring developments in West Asia and the South Korean economy. -- BERNAMA-YONHAP
