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South Korea to set gasoline price cap due to conflict in the Middle East — Yonhap

The South Korean government resorts to such measures for the first time since 1997, when the Asian financial crisis hit the country

SEOUL, March 12. /TASS/. The Republic of Korea will set a temporary cap on fuel prices due to the situation in the Middle East, Yonhap news agency reports, citing the Ministry of Trade and Industry.

The South Korean government resorts to such measures for the first time since 1997, when the Asian financial crisis hit the country. The government will regulate prices at which refineries supply fuel to retail sites and distributors.

The measure will cover gasoline and diesel fuel in particular. Prices will be recalculated every fortnight with consideration of international oil prices.