Seoul: President Lee Jae Myung on Sunday instructed senior officials to maintain oil price caps until price uncertainty completely recedes, citing the renewed confrontation in the Middle East. "Amid the high likelihood that oil prices will remain volatile for some time, preemptive efforts should be made promptly to minimize their impact on domestic prices," Lee said in a meeting with his senior aides, attending the meeting virtually from Brasilia where he is making a state visit.

According to Yonhap News Agency, the president also instructed officials to maintain other related measures, such as oil tax cuts, saying further action should be considered if the situation worsens.