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― Mark Twain
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South Korea's Fuel Price Cap
Lee Jae Myung announced that South Korea will cap domestic fuel prices for the first time in nearly 30 years to limit rising energy costs caused by the Middle East conflict and surging global crude prices. The government plans to quickly implement a maximum price system for petroleum products, with the cap potentially adjusted every two weeks.
Officials said the country is highly vulnerable to disruptions because much of its energy imports pass through the Strait of Hormuz. Authorities are also exploring alternative energy supply sources and noted that South Korea has oil reserves covering about 208 days of consumption.
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