South Korea has capped fuel prices

The South Korean government has decided to impose price caps on fuels, a rare measure since 1997, in the context of rising domestic prices caused by instability in the Middle East and the blockage of the Strait of Hormuz. The Ministry of Energy announced that the maximum price for gasoline will be 1,724 won (approximately 1.70 dollars) per liter, and for diesel 1,713 won, both being below current average prices.

These caps will be valid for two weeks, to be reevaluated based on market developments. Additionally, South Korea has concluded an agreement with the United Arab Emirates to import oil without passing through the Strait of Hormuz, having reserves equivalent to approximately seven months of consumption.