Government to Cut Maximum Oil Prices by 150 Won from June 27

The government announced on the 26th that it will lower the maximum selling prices for petroleum products, including gasoline and diesel, by 150 won per liter starting at midnight on June 27. With this reduction, the maximum prices will be adjusted to 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

This measure reflects the recent drop in international oil prices to the mid-70 dollar per barrel range, aiming to stabilize domestic oil prices and alleviate the burden of living costs for citizens.

The government will closely monitor prices and sales volumes at approximately 10,000 gas stations nationwide, inspecting those that delay price reductions after exhausting existing inventory. Field inspections will also be conducted through a multi-ministry market inspection team. The revised maximum prices are expected to be applied for four weeks, though the adjustment period will be operated flexibly based on changes in the Middle East situation and domestic and international oil market conditions.