The government said on the 21st it will freeze the sixth maximum wholesale price for petroleum, which applies for one month from midnight, at the same level as the third, fourth and fifth rounds. As a result, the maximum wholesale price for gasoline supplied by refiners to gas stations will remain 1,934 won per liter. Diesel is 1,923 won, and kerosene is 1,530 won.
Yang Gi-uk, head of industrial resource security at the Ministry of Trade, Industry and Resources, said at a briefing that "since the designation of the fifth maximum price, there has been no particular change in the situation in the Middle East or in international oil prices." He added, "However, considering that inflationary pressures are placing a heavy burden on people's livelihoods, we decided to freeze the maximum price."
Since the Middle East war, international oil prices have continued to top $100. Brent crude, which was $109 per barrel on the 15th, rose to $112 on the 18th, fell to $111 on the 19th, and came in at $105 on the 20th.
Starting this time, the government will extend the application period for the petroleum maximum price from the existing two weeks to four weeks. An official at the Ministry of Trade and Industry (MOTI) said, "International oil prices and domestic gas station gasoline and diesel prices are not moving much," adding, "This is a measure to improve predictability and stability for gas station operators' inventory management, the daily lives of the general public, and the economic activities of livelihood drivers."