On the first day the government abruptly introduced a petroleum price cap, more than 4 out of 10 gas stations nationwide lowered their retail prices.
The Ministry of Trade, Industry and Resources said that as of 2 p.m. on the 13th, a full survey of 10,646 gas stations nationwide found that 4,633 lowered gasoline prices from the previous day, accounting for 43.5% of the total. Stations that kept prices unchanged numbered 5,804, or 54.5%, while those that raised prices totaled 209 (2.0%).
Gas stations that cut diesel prices numbered 4,661 (43.8%), showing an almost identical distribution to gasoline alongside freezes (53.3%) and increases (2.9%).
The price cap was implemented to curb a sharp rise in domestic petroleum prices after international oil prices surged amid military clashes between the United States and Iran. With the cap taking effect at midnight, the maximum wholesale prices refiners can charge gas stations were set at 1,724 won per liter for gasoline, 1,713 won for diesel, and 1,320 won for indoor kerosene. The government said it will readjust the caps every two weeks depending on the Middle East situation and movements in international oil prices.
There were also notable on-site price drops. At HD Hyundai Oilbank Dongwon Gas Station in Dong-gu, Daejeon, diesel was cut by as much as 386 won per liter, from 2,091 won to 1,705 won, while at GS Caltex Sangdong Gas Station in South Gyeongsang, gasoline was lowered by 289 won, from 2,159 won to 1,870 won.
Budget stations Jeju Gujwa Nonghyup Gas Station and Seoyoungam Nonghyup Miam Branch in South Jeolla also lowered prices by 330 won for diesel and 175 won for gasoline, respectively.
The four major refiners also reportedly joined the price cuts, focusing on company-operated stations in response to the government's request. The Ministry of Trade and Industry (MOTI), chaired by Minister Kim Jung-kwan, held back-to-back meetings of a pan-government joint inspection team to urge industry cooperation.