Updated : 2026-03-13 12:44:10 KST
To combat higher energy costs and ease the burden on consumers starting today, the Korean government has ordered a temporary cap on the price of fuel. This has led to a decline in local gas station prices, despite a rise in global oil prices. Park Jun-han has the details. The national average gasoline price at gas stations as of Friday at 10 AM hit 1,883.79 Korean won, or roughly one U.S. dollar 26-cents. This is around 15 won lower than the previous day and marks the third consecutive day of decline, even as global oil prices hit 100 dollars per barrel and continue their upward trend.
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This comes as the South Korean government has implemented a temporary price cap on domestic fuel. Beginning midnight on Friday, it is the first such measure in nearly 30 years since the full liberalization of oil prices in 1997. It usually takes two to three weeks for fluctuations in international oil prices to be reflected at domestic gas stations. "The government will take firm action against excessive price hikes that exploit the crisis and will implement a price cap on petroleum products to ease the burden on consumers."
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This step comes in response to supply concerns and sharp oil price surges triggered by the blockade of the Strait of Hormuz and ongoing tensions in the Middle East. The system, sets upper limits on the wholesale supply prices that refineries can charge to gas stations and distributors. Regular gasoline is capped at 1,724 won per liter, automotive diesel at 1,713 won per liter, and household kerosene at 1,320 won per liter. The maximum prices are calculated based on refiners' pre-Middle East conflict supply prices, adjusted by international oil price fluctuation rates and added taxes.
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The government will review and reset these maximum prices every two weeks, taking into account developments in the Middle East and global oil trends. Retail prices at individual gas stations are not directly subject to the cap due to regional variations and enforcement challenges. However, the government has strengthened monitoring alongside a ban on hoarding and profiteering. Gas stations that charge unusually high markups compared to their supply prices will be publicly named.
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profiteering 부당 이득[폭리]을 취함
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If they're caught doing it again, they will face a full investigation by multiple agencies for possible collusion, poor fuel quality, or stockpiling. The government is also preparing additional measures, such as potential fuel tax cuts and targeted subsidies for vulnerable groups, if the situation worsens. Park Jun-han, Arirang News.
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stockpiling 사재기
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영어 원문 출처 및 동영상 링크;
arirang news/Economy
https://m.arirang.com/news/view?id=293654