The South Korean government intends to implement a fuel price ceiling to ease the cost burden

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Seoul (UrduPoint / WAM / March 14, 2026 AD) The Republic of Korea announced that it has begun operating a temporary fuel system. price Maximum regimen this week to help ease It costs Burdens amid concerns about ongoing supplies middle Eastern crisis officials said.

According to Yonhap news agency, government The plan was announced at a working group meeting of ministers responsible for the administration market Prices as local fuel Prices It keeps fluctuating.

This is the first time since 1997 that this has happened South Korea Enforces price Roof system using petroleum based rule a job The law that allows industry The Minister sets the maximum sales price when oil Prices fluctuate sharply and threaten economic stability.

under price cover system, government Maximum prices will be specified oil products South Korea oil Supplying refineries to gas Terminals and distributors, according to the Korean Ministry of Commerce, industry and resources.

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