Price caps on fuel products to remain in place for some time: finance chief

By Kim Han-joo SEJONG, May 11 (Yonhap) -- Finance Minister Koo Yun-cheol said Monday the temporary price caps on fuel products will remain in place for some time as the government monitors instability in the Middle East. The government currently reviews fuel price ceilings every two weeks under the price system introduced in mid-March to curb inflation driven by surging global oil prices, after the Strait of Hormuz was effectively closed following U. S.-Israeli strikes on Iran in late February. "We plan to maintain the measure for some time until the situation in the Middle East stabilizes," Koo told reporters. Under the latest adjustment announced Thursday, the government froze fuel price ceilings for the third consecutive review period. Asked whether the government plans to maintain the price cap system until the end of the war, Koo said authorities would continue monitoring global oil market conditions. "We need to watch oil price trends," he said. Koo also said the South Korean government has responded more effectively than many other countries to inflationary pressure caused by the Middle East crisis. The country's consumer prices rose 2.6 percent in April from a year earlier, mainly due to higher fuel costs linked to the conflict. "Compared with other major countries, inflation appears to have been managed relatively well," he said. Finance Minister Koo Yun-cheol speaks to reporters at the government complex in Sejong on May 11, 2026, in this photo provided by his office. (PHOTO NOT FOR SALE) (Yonhap) khj@yna.co.kr(END)