South Korea Caps Fuel Prices Amid Middle East Conflict

South Korean President Lee Jae Myung announced a historic move to cap domestic fuel prices due to surging crude costs linked to the Middle East conflict. This decision marks the first such intervention in nearly three decades, aiming to shield the economy from global oil market volatility.

South Korean President Lee Jae Myung announced on Monday a significant policy shift to cap domestic fuel prices, addressing the sharp increase in global crude prices due to the Middle East conflict.

Speaking during an emergency cabinet meeting, President Lee emphasized the necessity of implementing a maximum price system on petroleum products, a measure not seen in nearly 30 years.

Authorities plan to act swiftly and boldly to mitigate the economic impact of rising oil costs, safeguarding the domestic economy from external pressures.

(With inputs from agencies.)