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

The new supply price caps for oil refineries 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 gas station prices are expected to fall from the low 2,000 won range to the 1,800 won range.

While the industry anticipates that 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.