Seoul: Finance Minister Koo Yun-cheol announced on Monday that temporary price caps on fuel products will remain in place for the foreseeable future as the government continues to monitor ongoing instability in the Middle East. The price control measures were initially introduced in mid-March as a response to inflation driven by surging global oil prices, following the effective closure of the Strait of Hormuz due to U.S.-Israeli strikes on Iran in late February.

According to Yonhap News Agency, the government reviews fuel price ceilings every two weeks under this system. Minister Koo stated, "We plan to maintain the measure for some time until the situation in the Middle East stabilizes," during an address to reporters. The latest review, announced last Thursday, marked the third consecutive period in which the government chose to freeze fuel price ceilings.

When questioned about the duration of the price cap system, particularly whether it would remain until the end of the conflict, Koo emphasized the importance of continuously monitoring global oil market conditions. "We need to watch oil price trends," he asserted, highlighting the government's commitment to staying responsive to market fluctuations.

Koo also remarked on South Korea's effective response to inflationary pressures stemming from the Middle East crisis. The nation's consumer prices saw a 2.6 percent increase in April compared to the previous year, attributed mainly to heightened fuel costs linked to the conflict. "Compared with other major countries, inflation appears to have been managed relatively well," Koo noted, underscoring the government's efforts in mitigating the impact of global oil price volatility on the domestic economy.