The Korea Times
The end of the war between the United States and Iran, and the stabilization of fuel prices are preconditions for the possible lifting of price ceilings on domestic fuel products, Industry Minister Kim Jung-kwan said Monday. Three conditions should be met for the government to terminate the price cap system: the end of the Iran conflict, the normalization of crude delivery with the reopening of the Strait of Hormuz and consensus on ongoing talks on how to improve the relationship between oil refineries and gas stations, Kim said during a press briefing on pending economy-related issues. Kim made the remarks in response to questions that the government is reviewing whether it should keep the system in place after Prime Minister Kim Min-seok said last week that Seoul will decide whether to maintain the price ceilings after careful review. Kim said the government has yet to discuss the termination of the system, noting it is too early to determine whether the U.S. and Iran will actually end their war, and whether the impact of the conflict will have a long-term impact on international fuel
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