Special Ministerial TF on Livelihood Prices: Petroleum Price-Cap Measures

This measure is a temporary energy-affordability intervention introduced in response to sharp increases in oil prices linked to Middle East instability. The government announced a petroleum price-cap framework under the Petroleum Business Act, using pre-crisis refinery supply prices as the base and adjusting them with international petroleum product prices and taxes. From 13 March 2026, the government applied a price ceiling to refinery supply prices, including a reported gasoline supply-price ceiling of KRW 1,724 per litre, while retail pump prices were not directly capped. The measure was accompanied by monitoring, enforcement against hoarding or sales refusal, and broader efforts to stabilise household fuel costs and inflation.

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