South Korea’s Ministry of Trade, Industry and Resources froze the 10th oil price cap at 1,784 Korean won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene. The cap is based on refiners’ supply prices and remains in place despite a prolonged Middle East war that pushed West Texas Intermediate (WTI), Brent and Dubai crude above $100 a barrel. The government has operated the system for seven months since last March, allocating 4.2 trillion Korean won in this year’s supplementary budget and 1.4497 trillion won for next year, or about 5.7 trillion won in total. The National Assembly Legislative Research Service said the policy’s effect on consumer prices is difficult to verify because retail prices also reflect station inventories, procurement costs, distribution expenses and adjustment lags. It also said most allocated funds remain unexecuted because the government has not finalized how refiners’ losses should be calculated or compensated.