The South Korean government, through Deputy Prime Minister Koo Yoon-cheol, announced plans to implement a maximum price system for oil products, aiming to bring consumer prices down to approximately 1,800 won per liter. This decision comes as a response to the rising oil prices, with the Deputy Prime Minister stating that if refinery supply prices are controlled to stay below 1,800 won, consumers will be able to fuel their vehicles at a manageable price. The measures are expected to stabilize prices in the market, which have surged following international conflicts affecting oil supply.

The government is preparing to release specific details about how the maximum price system will work, which will involve monitoring average market prices and potentially offering financial support to refineries facing losses due to the price controls. The new system would adjust the maximum selling price every two weeks based on the spot prices from Singapore's oil market and the margins added by refiners when supplying to gas stations. The Deputy Prime Minister highlighted this system as a temporary measure, indicating that it will be lifted if prices stabilize below the set level.

Additionally, Koo outlined that the removal of the price ceiling would depend on market stabilization at levels deemed lower than what is currently set. Current fuel prices in South Korea are significantly higher, with gasoline averaging 1,904.25 won per liter, attributed to international disruptions including the recent conflict starting with U.S. acts against Iran. Thus, the government's intervention aims not only to address immediate consumer concerns but also to regulate market dynamics influenced by international oil prices.