Starting at 12:00 a.m. on the 27th, the maximum wholesale price of gasoline that refiners supply to gas stations will rise to 1,934 won per liter (ℓ). It will increase by 210 won from the first maximum price (1,724 won) applied for two weeks from the 13th. The maximum prices for diesel and kerosene will also rise by 210 won per ℓ to 1,923 won and 1,530 won, respectively.
The government decided to cut fuel taxes starting that day, but it did not offset the increase in supply costs. As a result, retail prices that consumers actually pay are expected to rise from current levels. The government expects that when the second maximum price scheme is applied, the final consumer price will be in the low 2,000 won per ℓ range.
On the 26th, the government announced the "second petroleum price designation plan" through the Minister task force (TF) for special management of livelihood prices. As the two weeks (Mar. 13–26) during which the first petroleum maximum price notice applied have elapsed, it gave notice of the second maximum price to be applied for two weeks from the 27th to Apr. 9.
The 210-won increase applied to the maximum prices of gasoline, diesel, and kerosene this time was calculated by fully reflecting the recent rise in international crude prices and the fuel tax cuts. Earlier, the government said it would expand and implement the fuel tax cuts, raising gasoline from 7% to 15% and diesel from 10% to 25%.
In addition, the final increase was decided after considering domestic and overseas oil supply and demand conditions and the impact on people's livelihoods. Yang Ki-uk, head of the industrial resource security office at the Ministry of Trade, Industry and Resources, said, "Compared to considering only the international price increase rate, gasoline is about 200 won lower, and diesel and kerosene are about 500 won lower," adding, "For diesel and kerosene, we set them lower out of consideration for those continuing their livelihoods such as truck drivers and farmers, and for heating-vulnerable groups."
However, island regions that incur separate transport expense due to sea transport will have a maximum price 19 won higher. By fuel type, that is 1,953 won per ℓ for gasoline, 1,942 won for diesel, and 1,549 won for kerosene.
Unlike the first notice, from this second round, a maximum price will also be set for "marine diesel." The wholesale price that refiners supply to marine fuel suppliers (ship fuel suppliers) is capped at 1,352 won per ℓ. Some argued that excluding marine fuel from the maximum price scheme caused a price inversion in which marine diesel was supplied more expensively than on-road diesel. The Ministry of Trade and Industry (MOTI) said, "We considered the management burden on fishers due to high oil prices."
However, the government indicated the need for inspections of gas stations that raise retail prices immediately after the second maximum price is announced. Deputy Minister Yang said, "Since gas stations already have inventory received at the first-round price, if prices go up right from the 27th–28th, that seems unfair," adding, "Existing inventory at each gas station is typically depleted in about five days to two weeks, but considering consumers are buying faster than usual, prices could start to rise little by little two to three days later."