On the initial implementation day of the petroleum price cap policy, the South Korean government urged oil companies and gas stations to comply with the new regulations. This comes amidst evidence of a drop in gasoline and diesel prices across the country, with average reductions of 20 to 30 won per liter primarily due to the government's stringent pricing control policies. Minister of Industry Kim Jung-kwan noted that a market price reduction effect is already being observed, although it might take up to a week for the price cuts to fully reflect in retail sales due to existing inventory depletion.

According to data from the Korea National Oil Corporation, on the afternoon of the announcement, the average gasoline price at gas stations was recorded at 1,872.62 won per liter, down from 1,898.78 won the previous day. Meanwhile, diesel prices decreased from 1,918.97 won to 1,884.14 won. The government had previously indicated that the supply prices for gasoline and diesel would be capped at 1,724 won and 1,713 won per liter, respectively, to stabilize domestic fuel prices. While significant price reductions are anticipated, the usual practice of gas stations maintaining around a week's worth of inventory may delay the full impact of the price cap on the retail market.

Minister Kim also stressed the need for accountability among corporations that exploit the current difficulties for excessive profits, stating that such companies would be penalized in the name of the community. He further mentioned ongoing reviews to enhance the objectivity and professionalism of loss compensation for oil companies, as well as considerations for adjusting fuel taxes and import tariffs in response to international oil price fluctuations. The government is actively exploring various fiscal strategies to support vulnerable populations amid these economic challenges.