Seoul: The government announced on Thursday that it will maintain the existing price caps on fuel products for the next two weeks. This decision comes in the wake of a fragile ceasefire agreement between the United States and Iran, as tensions in the Middle East continue to fluctuate.

According to Yonhap News Agency, maximum prices for regular gasoline, diesel, and kerosene, supplied to gas stations by local oil refineries, will remain unchanged at 1,934 won (US$1.3), 1,923 won, and 1,530 won per liter, respectively. These price caps are part of a system introduced in mid-March aimed at stabilizing domestic fuel prices amidst global uncertainties.

The Ministry of Trade, Industry, and Resources explained that the decision to freeze the price caps was influenced by a steep drop in international gasoline prices. This decline brought prices back to levels seen two weeks prior, following the U.S. and Iran's announcement of a two-week ceasefire. Although negotiations between the two nations continue, the ministry saw no significant reason to adjust the gasoline price ceiling at this time.

Deputy Minister for Trade, Industry, and Resource Security, Yang Ghi-wuk, emphasized during a press briefing that while global prices for diesel and kerosene have increased, the government chose not to raise domestic price thresholds. This decision considers the significant impact diesel and kerosene have on people's livelihoods, particularly for groups such as cargo truck drivers, couriers, farmers, and fishermen.

The government is committed to closely monitoring market practices to prevent gas stations from unjustly inflating prices despite the current price freeze. The ministry reported that an intergovernmental inspection team has uncovered 85 cases of illicit practices since the implementation of the fuel price cap system last month. The ministry has vowed to take stern actions against such practices to protect consumers.