Korean media: It is reported that South Korea is considering implementing a price cap on oil for the first time in 30 years

PANews reported on March 8 that, according to a report by Jinshi citing the Korean News Agency, sources revealed on Sunday that due to escalating conflicts in the Middle East raising concerns over rising energy prices, the South Korean government is considering implementing a fuel price cap system for the first time in nearly 30 years. As the U.S. and Israel strike against Iran and Iran retaliates, global oil prices have surged. In the past, fluctuations in international oil prices would typically take about two weeks to affect domestic prices, but this time it has almost immediately impacted fuel prices in South Korea, prompting officials to begin examining the feasibility of introducing a price cap. Sources stated that the government is cautiously weighing this option due to potential side effects such as market distortions and fiscal burdens. Previously, South Korean President Lee Jae-myung ordered that if implementing a nationwide uniform fuel price cap proves difficult, a price cap system should be quickly established based on regions and fuel types. The next day, Lee also warned refiners against colluding to raise gasoline prices. Following the president's directive, the government established a cross-departmental inspection team to combat illegal oil distribution, hoarding, and unfair trading practices. However, despite these measures, gasoline prices at domestic gas stations in South Korea continue to rise