South Korea caps oil prices for first time in decades
President Lee Jae Myung on Friday called for close monitoring of local gas stations to ensure compliance with a fuel price cap, as the government implemented the price ceiling to help ease burdens for consumers, Yonhap reports.
"(The government) decided to set a ceiling on supply prices to curb fluctuating fuel costs stemming from uncertainty in the international situation," Lee wrote on X.
Lee urged public participation to prevent potential profiteering by actively reporting cases of violations.
"Public monitoring and participation are needed to prevent some companies from profiteering during this period of instability or taking unfair profits," he said. "If you find gas stations violating the (oil price cap) system, please report the cases to me without delay."
It marks the first time since 1997 that South Korea has enforced a price ceiling system under a provision in the Petroleum Business Act, which allows the industry minister to set a maximum sales price when oil prices fluctuate sharply and threaten economic stability.
Earlier, it was reported that oil had topped $100 despite record global reserve release.