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Korea Fuel Prices Drop Following Maximum Price System
Gasoline and Diesel Prices Drop Following New System
Just one day after the implementation of the maximum price system, gasoline and diesel prices across South Korea experienced a substantial decrease, with prices falling by tens of won per liter. Notably, Seoul's fuel prices, which were previously the highest, dropped to the 1,800 won range for the first time in eight days. At one highway rest area gas station, gasoline fell by 54 won and diesel by 72 won, both settling in the late 1,700 won range. Citizens expressed a tangible sense of relief, noting the immediate impact of the price adjustments.
Government Calls for Shared Burden, Experts Urge Fundamental Changes
The government views the maximum price system as a crucial safety net to protect the national economy and urged refineries, gas stations, distributors, and consumers to collectively share the burden and cooperate. Minister of Trade, Industry and Energy Kim Jeong-gwan stated that the price reduction effects are already becoming evident. However, experts caution that such artificial price controls might only offer short-term relief or lead to unintended side effects. Professor Seok Byung-hoon from Ewha Womans University's Department of Economics emphasized the need for fundamental long-term solutions, such as securing crude oil import routes that bypass the Strait of Hormuz through diplomatic efforts, and diversifying imports from other oil-producing countries like the United States. The government also reported identifying 20 cases of illegal activities at gas stations over the past week as part of its crackdown efforts.
*Source: YouTube: YTN (2026-03-13)*
