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South Korea enacts historic fuel price cap to fight Iran oil shock

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2026年3月10日
1 min read
Cap enacts Fight fuel Hanyang University Historic Hur Joon-young Hyundai Research Institute Iran Joo Won Kim Gwang-suk Kim Jeong-sik Kim Yong-beom Korea Lee Jae-myung Middle East oil Organisation for Economic Cooperation and Development price shock Sogang University South South Korea stagflation Strait of Hormuz Yonsei University

South Korea enacts historic fuel price cap to fight Iran oil shock

For the first time in over three decades, South Korea is doing something it hoped it would never do again: telling the market what it can charge for fuel.

President Lee Jae Myung’s order is more than a mere policy reversal, however.

For a country that imports nearly every barrel it consumes, it is an act of pre-emptive self-defence – the reflex of an economy watching the Middle East burn and knowing exactly what that means.

Fuel prices have already surpassed 1,900 won (US$1.28) per litre at some Korean petrol stations for the first time in more than three years.

A board shows prices as cars queue at a petrol station in Seoul, South Korea, on Monday. Photo: Reuters

Behind that number lies a cascade of anxieties, from surging import costs to sluggish growth, creeping inflation and the spectre of stagflation.

Kim Yong-beom, Hur Joon-young, Hyundai Research Institute, Organisation for Economic Cooperation and Development, Sogang University, Strait of Hormuz, Yonsei University, Kim Gwang-suk, stagflation, Middle East, Hanyang University, South Korea, Joo Won, Lee Jae Myung, Kim Jeong-sik#South #Korea #enacts #historic #fuel #price #cap #fight #Iran #oil #shock1773101776