The South Korean government said that gasoline prices around 1,800 won per liter could be considered an appropriate level under the recently introduced fuel price cap policy.

Deputy Prime Minister and Finance Minister Koo Yun-cheol explained during a parliamentary session that the government plans to operate the petroleum price cap system while reviewing market conditions every two weeks.

He said the price ceiling would be set by considering oil prices before the Middle East conflict and the recent rise in global crude prices so that government subsidy burdens would not increase excessively.

If oil prices continue to rise, the government may adjust the price cap accordingly while monitoring both international oil markets and domestic fuel prices.

Koo noted that gasoline prices around the 1,800-won range would likely be manageable for consumers and predicted that the recent surge to levels above 2,000 or even 2,300 won per liter would gradually ease.

To address differences in prices across gas stations, the government is considering adjusting the cap based on the supply prices set by oil refiners.

However, the finance ministry clarified that the figures mentioned were only examples and that specific criteria for lifting the price cap have not yet been finalized.

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