1An oil price cap policy starts on the 13th to limit fuel prices.
2Gasoline is capped at 1,724 won/L and diesel at 1,713 won/L.
3This emergency measure aims to ease fuel costs amid rising oil prices.
📖 Easy Explanation
🔍 Background
With Middle East tensions driving up oil prices daily, the government has revived this policy for the first time in nearly 30 years to protect the economy.
📌 Key Points
Starting March 13, refineries cannot charge gas stations more than 1,724 won for gasoline and 1,713 won for diesel. The government will adjust these caps every two weeks.
💡 Why It Matters
Drivers worried about rising fuel costs can expect some relief as prices stabilize. Retail prices at gas stations are expected to drop by over 100 won per liter.
📚 Glossary
석유 최고가격제 (Seogyu Choegogagyeokje)A system where the government sets a legal price ceiling on petroleum products to stabilize prices.
정유사 (Jeongyusa)Companies that import crude oil and refine it into products like gasoline and diesel.
매점매석 (Maejeommaeseok)The act of hoarding goods in anticipation of price increases.