Over 96% of gas stations freeze gasoline prices under price cap system: ministry

More than 96 percent of gas stations nationwide have kept gasoline prices unchanged under the country's fuel price cap system, the industry ministry said Thursday, noting South Korea is managing fuel prices within a relatively stable range compared with other major economies. As of Wednesday, 96.1 percent of the country's 10,646 gas stations had maintained gasoline prices at the previous day's level, the Ministry of Trade, Industry and Energy said during a regular briefing on energy supply issues stemming from the Middle East crisis. Last week, the government froze fuel price caps for the third consecutive time, keeping the maximum prices of regular gasoline, diesel and kerosene supplied to gas stations by local oil refiners at 1,934 won ($1.30), 1,923 won and 1,530 won per liter, respectively. The ministry said active participation in the price ceiling system has helped stabilize domestic fuel prices, with gasoline prices rising only 19 percent and diesel prices 26 percent since the outbreak of the U.S.-Israeli war against Iran in late February. By comparison, both gasoline and diesel p

Original source: Korea Times