The Korea Times
The government said Thursday it will maintain the current price ceilings on fuel products for another two weeks considering international oil prices and demand-side controls. Maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries will remain unchanged at 1,934 won ($1.31), 1,923 won and 1,530 won per liter, respectively, for the next two weeks, according to the Ministry of Trade, Industry and Resources. It marks the second consecutive time the government froze price ceilings at the current level. The government sets maximum prices for fuel products every two weeks under the price cap system introduced in mid-March to stabilize domestic fuel prices. The government decided to implement price caps in light of lingering volatility in the global energy market due to the fragile ceasefire between the United States and Iran, as well as the need to manage domestic demand for fuel products, despite a recent fall in international fuel prices, the ministry explained. Over the past two weeks, global gasoline prices fell by around 8 percent, diesel p
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