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S.Korean Gov't to implement price cap system for petroleum products this week
South Korea sets a fuel price cap to prevent abnormal pricing amid soaring Brent oil prices and Middle East conflict, with average gasoline prices rising 11% in Seoul, officials said.
- On March 9, 2026, President Lee Jae Myung ordered a cap on domestic fuel prices at Cheong Wa Dae, the first such measure in nearly 30 years to stabilize energy markets.
- Because about 70% of South Korea's oil transits the Strait of Hormuz, Brent oil surged above $100 due to Middle East tensions and retaliatory strikes.
- To shore up markets, Lee called for expansion of the 100 trillion-won program and ordered strict enforcement against collusion and hoarding with penalties several times illicit gains.
- Markets reacted immediately, with South Korean shares slumping 8% on Monday to trigger circuit breakers and the won dropping toward 1,500 before recovering to 1,493.5 per dollar, while officials plan a release from strategic oil reserves.
- Seeking resilience, Lee called for exploring alternative supply routes outside the Strait of Hormuz, citing 'As the crisis in the Middle East deepens, uncertainty in the domestic and global economic environment is expanding significantly, posing a considerable burden on the Korean economy relying heavily on global trade and energy imports from the Middle East'.
23 Articles
23 Articles
South Korea caps fuel prices for first time in decades to fight Iran oil shock
For the first time in over three decades, South Korea is doing something it hoped it would never do again: telling the market what it can charge for fuel. President Lee Jae Myung’s order is more than a mere policy reversal, however. For a country that imports nearly every barrel it consumes, it is an act of pre-emptive self-defence – the reflex of an economy watching the Middle East burn and knowing exactly what that means. Fuel prices have alre…
Malay Mail
AlKhaleej TodaySouth Korea to cap fuel prices for first time in nearly 30 years as Middle East war drives oil spike
SEOUL, March 9 — South Korean President Lee Jae Myung said today that authorities would cap domestic fuel prices for the first time in nearly 30 years to contain a spike in prices after the conflict in the Middle East sent global crude prices sharply higher.Speaking at an emergency meeting on the impact of the Middle East crisis, Lee said the government would “swiftly introduce and boldly implement” a maximum price system on petroleum products …
South Korea to impose fuel price cap to shield economy from energy shock
South Korean President Lee Jae Myung said on Monday that authorities would cap domestic fuel prices for the first time in nearly 30 years to contain a spike in prices after the conflict in the Middle East sent global crude prices sharply higher.
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