Starting from the 13th, the South Korean government has introduced a price cap to control the rising domestic gasoline prices and other fuel costs due to the surge in crude oil prices stemming from the situation in Iran. This marks the first time since the liberalization of prices in 1997 that such a measure has been implemented. The cap targets the average supply prices of regular gasoline, light diesel, and kerosene supplied by oil companies to gas stations, setting the maximum prices at 1724 won (approximately 184 yen) per liter for gasoline, 1713 won for light diesel, and 1320 won for kerosene.

According to South Korean media reports, despite the average supply prices announced by companies on the 11th showing that gasoline would be priced 109 won lower per liter than the cap, light diesel would be 218 won cheaper, and kerosene 408 won lower. The government opted for a supply price restriction method, as uniform regulation at gas stations was deemed challenging due to regional and operational differences in pricing. The maximum price will be reviewed every two weeks to ensure it remains effective amidst changing market conditions.

President Lee Jae-myung remarked on social media on the 13th that vigilance from the public is necessary to prevent some businesses from taking advantage of the situation to gain undue profits. This reflects the government's awareness of the potential for market manipulation in a time of crisis, as they seek to balance price control with the need for market fairness and transparency.