The South Korean government has decided to implement a maximum price system for oil products, effective from the 13th of this month, in response to soaring oil prices resulting from the ongoing U.S.-Iran conflict. This measure aims to stabilize fuel costs for consumers and prevent extensive price hikes. In addition to setting a price cap, the government will enforce a prohibition on stockpiling oil products beginning two days later, which is intended to address potential supply disruptions caused by price controls.

In a meeting of the special task force to manage consumer prices, led by Deputy Prime Minister Kwun Yoon-chul, it was confirmed that the previously announced price cap will take effect as scheduled. From midnight on the 13th, oil companies will be restricted from selling fuel at prices above the established maximum rate. This is the first time such a price control measure has been enacted since the liberalization of oil prices in 1997. The capped products will include regular gasoline, diesel, and kerosene, while premium gasoline remains excluded from this regulation.

Authorities will establish the maximum prices based on various factors, including fluctuations in Singapore's oil prices and applicable taxes. As of the 12th, the average supply prices set by oil companies were reported at 1,830 won for gasoline and 1,930 won for diesel. The government plans to adjust these maximum prices bi-weekly, taking into account international oil prices and domestic supply and demand conditions. The exact timeline for lifting the price cap remains undetermined, as officials are considering multiple factors before making a decision.