Government Lowers Oil Price Caps for First Time; Prices Expected to Drop to 1,800 Won Range

The government has decided to lower the 7th oil price caps by 150 won per liter, effective today, June 27.

The new supply price ceilings for oil refiners are set at 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene.

This marks the first reduction since the second announcement in March, and retail prices at gas stations are expected to fall from the low 2,000 won range to the 1,800 won range.

While the industry anticipates it will take one to two weeks for the price cuts to be reflected in actual retail sales due to existing inventory, the government plans to inspect gas stations to ensure there is no intentional delay.

※