BRASILIA β President Lee Jae Myung on Sunday instructed senior officials to maintain oil price caps until price uncertainty completely recedes, according to a statement from his office. The directive comes amid ongoing global energy market volatility.
The president emphasized the need for continued intervention to protect consumers from potential price spikes. The caps, which have been in place since earlier this year, are intended to stabilize fuel costs for households and businesses.
Lee's order was issued during a meeting with economic advisors in Brasilia, where he is on an official visit. No specific timeline for lifting the caps was provided, with the president stressing that the measure will remain until market conditions normalize.
The decision reflects the government's cautious approach to energy policy amid fluctuating global oil prices and supply chain uncertainties. Analysts note that similar measures have been adopted by other nations facing inflationary pressures.
