On the 9th, the Blue House announced its decision to implement a maximum price system for oil this week in response to rising domestic oil prices attributed to the prolonged conflict between the United States and Iran. Kim Yong-beom, the policy chief at the Blue House, communicated the government’s urgency during an emergency economic meeting led by President Lee Jae-myung. He specified that the Ministry of Trade, Industry, and Energy would expedite the procedures necessary for establishing this maximum price system, emphasizing the government's intention to prevent abnormal price determinations in the oil products sector. The initial maximum prices are expected to be set lower than the current market prices and are likely to be adjusted every two weeks depending on the evolving geopolitical situation.