South Korea to keep fuel price ceilings as US-Iran deal impact assessed, media reports
Cars line up at a gas station in Seoul, South Korea, March 9, 2026. REUTERS/Kim Hong-Ji
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SEOUL, June 18 : South Korea will keep its current fuel price ceilings in place until there is more clarity on a U.S.-Iran agreement and its impact on global oil markets, local media reported on Thursday.
Yang Gi-wook, a senior industry ministry official, told a briefing that the government would decide on the next round of ceilings after monitoring progress toward ending the Middle East conflict, the reopening of the Strait of Hormuz and movements in global oil prices, the reports said.
Yang said the current caps were not expected to remain in place for as long as two to four weeks, but added it was too early to say when the price ceiling system would end.
The government would also review factors including the impact on households, fiscal costs and domestic fuel prices before lifting them, he said, according to the reports.
The industry ministry has been announcing fuel price ceilings every two weeks since March 13, after the outbreak of the Middle East conflict, though it extended the adjustment cycle to four weeks from the sixth round.
Source: Reuters
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