Third Oil Price Cap System to Take Effect April 10

Deputy Prime Minister and Minister of Economy and Finance Ku Yun-cheol announced on the 9th that the third oil price cap system will be implemented starting at midnight on April 10. The third oil price cap system sets prices at 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene. This measure is being implemented to alleviate the burden of fuel costs and counter rising logistics expenses.

This decision was discussed at the 6th meeting of the Ministerial Task Force for Special Management of Living Costs, chaired by Deputy Prime Minister Ku on the 9th. The meeting addressed the oil price cap designation plan, as well as the review and response to price trends related to the Middle East war.

During the meeting, other measures to stabilize prices and supply for various items were also discussed, including prioritizing the supply of raw materials for essential medical goods, managing the supply and demand of construction materials, and providing discounts for major agricultural, livestock, and fishery products.