Government Considers Lowering Oil Price Caps as Global Oil Prices Return to Pre-War Levels

[Economy 365]

As international oil prices have fallen to levels seen before the Middle East conflict, the government is considering a plan to lower the maximum price caps on petroleum products.

Brent crude has dropped below $73 per barrel, and WTI has fallen under $70, while Dubai crude has recorded levels even lower than those prior to the war.

However, domestic gas station prices remain at around 2,000 won, with gasoline at 2,007 won and diesel at 1,998 won, maintaining this level for three months since April.

The delay in reflecting the decline in international oil prices is attributed to the need to exhaust existing high-cost inventory first, as well as the government-set maximum price caps, which are cited as a factor limiting price drops.

The government is reviewing a reduction in the maximum oil price caps in line with the downward trend in global oil prices, with plans to induce a decrease in retail prices at gas stations that consumers can actually feel.

*This article was produced using AI audio.
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