Overview
- Starting at midnight local time, the government activates a refinery-supply price ceiling under the Petroleum Business Act for the first time since 1997.
- The initial caps are set at 1,724 won per liter for regular gasoline, 1,713 won for diesel and 1,320 won for lamp oil, with levels reviewed and reset every two weeks.
- Authorities will restrict exports of capped fuels and enforce bans on hoarding, price gouging and collusion, instructing refiners to maintain supply and prohibiting unjustified sales refusals by gas stations.
- Officials plan post-program compensation for refinery losses and intend to lift the ceiling once domestic fuel prices stabilize.
- President Lee ordered rapid preparation of a targeted extra budget for groups such as truckers, delivery workers, farmers and fishermen, while the economic team stands ready to expand a market-stabilisation facility exceeding 100 trillion won, diversify energy imports and tighten special price monitoring of key household items.