Government extends fuel price caps four weeks as Dubai crude tops $120

  • Government keeps petroleum price caps unchanged for another four weeks.
  • Dubai crude reached $128 per barrel after rising from below $100.
  • Government discounts fuel at 226 highway stations during Chuseok.

South Korea will keep its 10th petroleum price caps unchanged for four weeks from midnight Saturday, maintaining maximum wholesale prices of 1,784 won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene. During the Sept. 24-27 Chuseok holiday, 226 Korea Expressway Corporation stations will cut gasoline and diesel prices by 100 won per liter from Thursday levels. Fuel-tax reductions will continue through November at 15% for gasoline and 25% for diesel and LPG butane. The measures come as Dubai crude rose from below $100 per barrel on Sept. 1 to $128 on Wednesday after concerns over crude-supply disruptions. Domestic regular gasoline prices fell for an 18th consecutive week to 1,858.62 won per liter in the third week of September, while the government estimates that prices without the cap would be more than 100 won higher for gasoline and more than 350 won higher for diesel. The Korea Oil Station Association says highway-only discounts distort competition and threaten privately owned stations, while the government faces rising compensation costs for refiners.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.