Koo Yun-cheol, the economic deputy prime minister, said on the 9th that "the third oil price ceiling will be announced at 7 p.m. and take effect from midnight." The ceiling applies to the wholesale price that refiners supply to gas stations. Under the second ceiling, gasoline is 1,934 won per liter, automotive diesel is 1,923 won, and indoor kerosene is 1,530 won.

On the 8th, a day before the announcement of the third oil price cap, a gas station in Seoul with cheaper rates than nearby stations is crowded with customers. /Courtesy of News1

At the opening remarks of the special task force meeting of related ministers on the special management of cost of living prices on the morning of the same day, Deputy Prime Minister Koo said, "We plan to announce the third ceiling at 7 p.m., taking into account the trend of rising international oil prices and the public's burden in a comprehensive manner."

International oil prices fell below $100 per Barrel on the 7th (local time) after the United States and Iran agreed to a two-week truce. Brent crude for June delivery finished at $94.75 on the 8th, down $14.52 (13%) from the previous day. It was the biggest daily drop since Mar. 2022. West Texas Intermediate (WTI) for May delivery closed at $94.41, down $18.54 (16%). WTI was at its lowest since Mar. 25.

However, the gas prices consumers feel at the pump have not fallen much. The average gasoline price in Seoul rose above 2,000 won per liter on the 7th and has been moving at a similar level.

Earlier, on Mar. 13, the government set the first oil price ceiling at ▲ gasoline 1,724 won ▲ diesel 1,713 won ▲ indoor kerosene 1,320 won. The second ceiling, implemented on the 27th of last month, was raised by 210 won each to ▲ gasoline 1,934 won ▲ diesel 1,923 won ▲ indoor kerosene 1,530 won.

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