Seoul: Industry Minister Kim Jung-kwan on Tuesday praised the efforts of gas stations in maintaining stable fuel prices in South Korea, as reported by Kim's office. This commendation comes amidst a global spike in oil prices driven by the Middle East crisis, which has affected countries worldwide.

According to Yonhap News Agency, Minister Kim met with representatives from gas stations recognized as low-cost providers by a civic group monitoring the energy market. The meeting aimed to encourage these stations to persist in their price stabilization efforts and to discuss the challenges they face under the government's fuel price cap scheme.

The price ceiling system, which was introduced in mid-March, has helped South Korea maintain a relatively small increase in fuel prices compared to other countries. As of 9 a.m., the average gasoline price at gas stations nationwide stands at around 2,011 won (US$1.34) per liter, and the average diesel price is approximately 2,006 won per liter, according to the Ministry of Trade, Industry and Resources.

To alleviate the financial burden on consumers, the South Korean government has kept price caps on gasoline, diesel, and kerosene products frozen for the past six weeks. This decision has set the maximum prices for regular gasoline, diesel, and kerosene supplied to gas stations by local oil refiners at 1,934 won, 1,923 won, and 1,530 won per liter, respectively.

The Ministry of Trade, Industry and Resources highlighted that, since the onset of the U.S.-Israeli war in late February, the diesel price in South Korea has increased by 26 percent, a significantly smaller rise compared to the 44 percent increase in the United States and the 37 percent increase in Britain during the same period.

Minister Kim emphasized the crucial role of gas stations in managing domestic oil prices and called for continued collaboration between the government, the private sector, and the public until the Middle East crisis is resolved.