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S. Korea to Impose Fuel Price Cap for First Time in 30 Years

Published March 9, 2026, 09:10
S. Korea to Impose Fuel Price Cap for First Time in 30 Years

South Korea will impose a price cap on fuel for the first time in nearly 30 years, in response to global concerns about the soaring price of oil amid the ongoing conflict in the Middle East. President Lee Jae-myung announced the measure after an emergency meeting, emphasizing the burden on the South Korean economy, which is energy-dependent. The Ministry of Industry plans to implement the cap within the week. Additionally, the president called for more intensive checks on oil refining companies and gas stations to prevent market manipulation and to secure alternative supply routes.