South Korea's Deputy Prime Minister and Minister of Finance, Koo Yoon-cheol, announced that as of midnight on the 13th, the government will implement a price regulation on oil products, setting the maximum supply prices for gasoline and diesel at 1,724 won and 1,713 won per liter, respectively. This measure comes amid concerns over high consumer prices, despite a recent slowdown in the increase of domestic oil product prices and ongoing volatility in international oil prices. The government is determined to prevent excessive price hikes that exploit crisis situations and aims to ease the financial burden on consumers through this regulatory initiative.

During a meeting with the special task force on consumer price management, Koo stated that individual gas stations will add a margin to the supply price before selling to consumers, which will be monitored closely to prevent illegal practices such as hoarding and price manipulation. He emphasized the government's commitment to adjusting these maximum prices biweekly based on market conditions, including developments in the Middle East and oil price trends. A prohibition against hoarding will also be enforced alongside the price cap to ensure compliance with the new regulations.

The government plans to operate a reporting center for hoarding violations and conduct field inspections to ensure that the maximum price system is effectively implemented. Severe penalties and administrative orders will be imposed for those found violating the regulations. This regulatory framework aims not only to keep fuel prices in check but also to maintain market stability and protect consumers from potential exploitation during times of economic uncertainty.