South Korea imposes limit on fuel price hike to mitigate pressure on country’s energy supply due to US and Israel's war with Iran

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South Korea imposes limit on fuel price hike to mitigate pressure on country’s energy supply due to US and Israel's war with Iran

South Korea has announced the introduction of a fuel price cap aimed at easing pressure on its energy supply as the war involving Iran continues to disrupt global oil markets.The measure, which took effect from midnight on Thursday, March 12, was confirmed in a statement by the countrys energy ministry. Officials said the decision was taken to limit the sharp rise in domestic fuel prices triggered by instability in the Middle East.South Korea, Asias fourth-largest economy, is heavily dependent on imported energy, with a large portion of its oil shipments passing through the Strait of Hormuz. The government has therefore begun exploring alternative supply sources to secure its energy needs.The price ceiling applies specifically to supply prices charged by refiners to distributors and fuel stations, rather than the final retail prices paid by consumers.Under the new policy, the maximum supply price for regular gasoline has been fixed at 1,724 won (about $1.70) per litre, while automotive diesel has been capped at 1,713 won per litre. Officials said the capped prices are lower than the average fuel prices submitted by refiners on Wednesday, March 11, indicating an effort to quickly stabilise the domestic market.The price controls will initially remain in place for two weeks, after which authorities will reassess the situation and adjust the limits depending on global oil market conditions. To further strengthen energy security, Seoul recently secured a deal to import around four million barrels of crude oil from the United Arab Emirates.The government also noted that South Korea currently maintains strategic oil reserves equivalent to about seven months of national consumption, providing a buffer against potential supply disruptions caused by the ongoing conflict.The post South Korea imposes limit on fuel price hike to mitigate pressure on countrys energy supply due to US and Israel's war with Iran appeared first on Linda Ikeji Blog.
Source: South Korea imposes limit on fuel price hike to mitigate pressure on country’s energy supply due to US and Israel's war with Iran