Industry ministry freezes fuel price cap for four weeks

The industry ministry said it will keep the ninth round of fuel price caps unchanged for four weeks starting at midnight Saturday, citing household cost pressures and a renewed rise in international oil prices.

Gasoline will remain at 1,784 won per liter, diesel at 1,773 won and kerosene at 1,380 won under the new ceiling.

The ministry said international crude and petroleum-product prices were at levels similar to those when the eighth cap was set. It also cited household burdens from recent heat waves and heavy rain.

Brent crude climbed to $93.8 a barrel on Aug. 20 from $81.7 in the first week of August, while Dubai crude rose to $95.6 from $79.8 over the same period.

The 60-day term of a June memorandum of understanding between the United States and Iran has expired without ending their confrontation, renewing uncertainty in the Middle East.

Domestic fuel prices have declined since the seventh cap took effect on June 27, reaching 1,862 won a liter for gasoline and 1,845 won for diesel as of Aug. 20.

The ministry said it would "operate the price-cap system in an agile and flexible manner" as it monitors Middle East developments, fuel supply and demand, inflation and household burdens.