South Korea to Seek to Introduce Fuel Price Cap This Week (1)

South Korea’s industry ministry is working to introduce a cap on fuel prices this week as escalating tensions in the Middle East push global crude costs higher, presidential policy chief Kim Yong-beom says at a briefing.

• South Korea also considering expanding fuel tax cuts and direct support for people affected by rising oil prices
• The country is not yet discussing a possible release of strategic oil reserves though fuel export controls could be considered if the situation drags on
• In response to a question about whether a supplementary budget is necessary, Kim says it has become necessary to engage in ...