South Korea has lowered the price ceilings on fuel products to reflect the recent decline in global crude oil prices, the government announced Friday.
The move is part of a broader effort to pass through lower input costs to consumers and stabilize domestic inflation expectations.
In addition to the fuel cap reduction, the government confirmed it will freeze electricity and natural gas tariffs for the second half of the year.
The dual approach aims to shield households and businesses from energy inflation despite the volatile global energy landscape.
The decision comes as global crude markets have softened, providing a window for policymakers to ease cost pressures on consumers.
By aligning domestic fuel price caps with international benchmarks, Seoul seeks to prevent domestic prices from lagging behind global trends while maintaining affordability.