South Korea to impose fuel price cap to shield economy from energy shock, president says

SEOUL, March 9 : South Korean President Lee Jae Myung said on Monday that authorities would cap domestic fuel prices for the first time in nearly 30 years to contain a spike in prices after the conflict in the Middle East sent global crude prices sharply higher.

Speaking at an emergency cabinet meeting, Lee said in the government would “swifly implement and boldly impement” a maximum price system on petroleum products.