[News Today] Fuel price cap remains unchanged

[LEAD]

The government has frozen the fuel price cap once again. The decision puts priority on stabilizing prices. But with oil supply still below normal levels, the government is facing growing questions over how long it should keep prices artificially restrained.

[REPORT]

Finding a gas station selling fuel for less than 2,000 won per liter has become difficult now.

Park / Gwangmyeong resident

The price difference in the 1,900 won and 2,000 won range is just 10-20 won, but I try to find a cheaper place.

Park Hee-young / Seoul resident

I used to fill up my tank for 30,000 won, but now it costs 40,000-50,000 won. Prices of plastic have soared, too.

Given the impact of high fuel prices, the government has decided to keep the fifth fuel price cap, which took effect at Friday midnight, unchanged from the previous one.

Since raising the fuel price cap only once during the second round, the government has suppressed refinery supply prices to gas stations three times in a row.

Retail prices of gasoline and diesel are also rising very slowly, staying at around 2,000 won per liter.

As a result, demand for fuel has not decreased at all.

During the holiday period in the first five days of this month, highway traffic volume was even higher than during the five-day Lunar New Year holiday period in 2024.

Moon Shin-hak / Vice Minister of Trade, Industry and Resources

Fuel consumption didn’t go up compared to last year. We ask the public to conserve fuel.

The government has dismissed concerns that a supply shortage could occur at the end of this month due to low crude oil inventories.

It added that the amount of crude oil secured through July is about 80% of the usual level.