South Korea Implements Oil Price Ceiling for the First Time

Due to the tense situation in the Middle East, oil prices in South Korea have been continuously rising recently. In order to stabilize oil prices, the South Korean government officially implemented the "oil price cap system" starting in the early morning of March 13th. This is the first time in nearly 30 years that the South Korean government has implemented this system. According to the plan, the government sets a price cap on the petroleum products supplied by refinery companies to gas stations and distributors, and adjusts it every two weeks based on international oil price trends.