Oil Prices Continue to Rise Despite Government's Maximum Price System

On the 11th, the second day since the government implemented a maximum price system to stabilize oil prices by setting an upper limit on the fuel prices refiners supply to gas stations, average prices at stations nationwide actually rose slightly.

As of 9 AM today, the average gasoline price at gas stations nationwide recorded 1,990.7 won per liter, an increase of 1.8 won from the previous day. Diesel prices were also recorded at 1,984.2 won per liter, up 1.5 won from the previous day.

The price caps set in the third oil maximum price system—1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene—were frozen at the same levels as during the second implementation period.

Compared to the previous day's increase of 2.6 won for nationwide average gasoline prices and 2.9 won for diesel, the overall rate of price increase slowed today.