South Korea is set to announce the second price cap on oil following its implementation on July 13th, as the country braces for significant oil price increases due to the prolonged blockade of the Strait of Hormuz. The Ministry of Trade, Industry, and Energy indicated that the recent acceleration in international oil prices is unprecedented. As a result, the domestic fuel prices are expected to see a staggered increase every two weeks whenever the price cap is adjusted. Experts suggest that alongside the short-term measures of the price cap, it is essential to combine various long-term strategies, including fuel tax reductions, direct assistance to vulnerable sectors, and diversification of supply sources to effectively manage the situation.