The Ministry of Trade, Industry and Energy (Minister Kim Jung-kwan) announced on August 22 that it will freeze the 9th petroleum maximum price, effective for four weeks from midnight on August 22, at the same level as the preceding 8th round. Even as global oil prices climb again, the measure gives priority to the growing burden on ordinary households caused by the heat wave, torrential rains and other factors.
 [코리안투데이] 참고자료 9차 최고가격 동결 민생부담과 국제유가를 종합 고려 © 장형임 기자 |
The Ministry of Trade, Industry and Energy (Minister Kim Jung-kwan) announced that the 9th petroleum maximum price, which takes effect for the next four weeks from midnight on Saturday, August 22, will be kept identical to the previous 8th round. Accordingly, the maximum price remains at 1,784 won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene, the same level as in the 8th round.
 [코리안투데이] 참고자료 9차 최고가격 동결 민생부담과 국제유가를 종합 고려 © 장형임 기자 |
Behind the freeze lies renewed uncertainty in the Middle East. Even after the 60-day term of the ceasefire memorandum of understanding (MOU) signed between the United States and Iran last June expired, the standoff between the two countries continued, once again unsettling the international situation. Global oil prices, which had fallen to the 70-dollar range per barrel in early August amid hopes for an end to the conflict, rose again as the stalemate dragged on, with Brent crude recovering to the 90-dollar range per barrel as of August 20. On the same day, Dubai crude stood at 95.6 dollars, Brent at 93.8 dollars and West Texas Intermediate (WTI) at 87.8 dollars. International petroleum product prices also trended upward, with gasoline at 114 dollars per barrel and diesel at 164 dollars as of August 20.
 [코리안투데이] 참고자료 9차 최고가격 동결 민생부담과 국제유가를 종합 고려 © 장형임 기자 |
Even amid the phase of rising global oil prices, the government placed the burden on ordinary consumers at the top of its priorities. It explained that although there is a possibility of further increases in global oil prices as the Middle East negotiations remain deadlocked, it decided on the freeze after weighing several factors together: that current global oil prices and international product prices are similar to the levels at the time the 8th maximum price was set, and that the burden on people’s livelihoods has grown recently due to abnormal weather such as the heat wave and torrential rains.
 [코리안투데이] 참고자료 9차 최고가격 동결 민생부담과 국제유가를 종합 고려 © 장형임 기자 |
Domestic retail prices have been stabilizing downward. Since the 7th maximum price took effect on June 27, domestic fuel prices have steadily declined, standing at 1,862 won per liter for gasoline and 1,845 won for diesel as of August 20. With the maximum price serving as a ceiling, actual prices at service stations are moving within that limit, so this freeze has the effect of capping, for four weeks, the ceiling on the prices consumers pay even if oil prices rise again.
 [코리안투데이] 참고자료 9차 최고가격 동결 민생부담과 국제유가를 종합 고려 © 장형임 기자 |
The Ministry of Trade, Industry and Energy said that, given how the Middle East situation changes from moment to moment, it will continue to monitor domestic and international conditions in real time. The government plans to operate the maximum price system nimbly and flexibly, taking comprehensive account of the Middle East situation, petroleum supply and demand, prices and household burdens, and the need for demand management.
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