The government has decided to freeze the 8th petroleum price cap, which takes effect tomorrow (the 25th), at its current level.

As a result, for the next four weeks starting tomorrow, the maximum prices supplied by oil refiners to gas stations will remain at 1,784 won per liter for gasoline, 1,773 won per liter for diesel, and 1,380 won per liter for kerosene.

The Ministry of Trade, Industry and Energy explained that the decision to freeze the prices was made due to growing economic burdens on ordinary citizens, driven by recent inflation rates in the 3% range and the Bank of Korea's benchmark interest rate hike.

Initially, the government planned to lower the 7th price cap by 150 won per liter on June 26 and gradually reduce the price cap to phase out the system. However, it chose to maintain the current system due to the recent reignition of the war between the US and Iran and the soaring global crude prices.

Brent crude, the benchmark for international oil prices, surpassed 100 dollars a barrel on the 23rd for the first time in about two months.

The government plans to closely monitor the situation in the Middle East and petroleum supply and demand, while flexibly operating the price cap system by potentially shortening the existing four-week adjustment period.

(Photo: Yonhap News)