Local Korea Imposes Maximum Prices on Petroleum Products Amid Middle East Supply Concerns
The Ministry of Trade, Industry and Resources (MOTIR) announced March 13 that the Korean government would introduce policy measures to curb the recent spike in domestic petroleum prices caused by developments in the Middle East and to limit sharp price swings in the event of a supply crisis. To that end, following consultations with relevant ministries, the government will implement a maximum price system on petroleum products. The maximum prices will apply to refiners' supply prices for gas stations and dealers, not retail prices at gas stations. Effective from 12:00 a.m. on March 13 through
- David Kendall 기자
- 2026-03-16 08:59