South Korea Extends Fuel Price Caps for Fourth Week as Eleventh Round Begins

South Korea's Ministry of Trade, Industry and Resources announced that one outlet price ceilings on gasoline, diesel and kerosene will stay in effect for a further four weeks, marking the start of the eleventh round of fuel price caps on Saturday. The maximum allowable price for gasoline remains 1,784 won per liter, diesel stays at 1,773 won per liter, and kerosene is capped at 1,380 won per liter, identical to the previous round that began on September 19.

Officials cited persistent global oil prices near $100 a barrel and continued tensions in the Middle East as reasons for holding the caps steady. They also noted that, even with the caps, petroleum product prices jumped about 15% year-on-year in September, whereas the broader consumer price index rose only modestly. The decision aims to shield ordinary consumers from further fuel cost spikes while balancing market realities.