{"id":330849,"date":"2026-03-10T01:54:13","date_gmt":"2026-03-10T01:54:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/330849\/"},"modified":"2026-03-10T01:54:13","modified_gmt":"2026-03-10T01:54:13","slug":"south-korea-enacts-historic-fuel-price-cap-to-fight-iran-oil-shock","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/330849\/","title":{"rendered":"South Korea enacts historic fuel price cap to fight Iran oil shock"},"content":{"rendered":"<p>For the first time in over three decades, <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/south-korea?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">South Korea<\/a> is doing something it hoped it would never do again: telling the market what it can charge for fuel.President <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/lee-jae-myung?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">Lee Jae Myung<\/a>\u2019s order is more than a mere policy reversal, however.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">For a country that imports nearly every barrel it consumes, it is an act of pre-emptive self-defence \u2013 the reflex of an economy watching the Middle East burn and knowing exactly what that means.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Fuel prices have already surpassed 1,900 won (US$1.28) per litre at some Korean petrol stations for the first time in more than three years.<\/p>\n<p><img decoding=\"async\" alt=\"A board shows prices as cars queue at a petrol station in Seoul, South Korea, on Monday. Photo: Reuters\" data-qa=\"BaseImage-handleRenderImage-StyledImage\" class=\"e1gf69pb2 css-6ikqhs e445x7d0\" loading=\"lazy\" src=\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/03\/17452f11-d7be-4942-b32b-ed27ac97b64c_cbfb3694.jpg\" title=\"A board shows prices as cars queue at a petrol station in Seoul, South Korea, on Monday. Photo: Reuters\"\/>A board shows prices as cars queue at a petrol station in Seoul, South Korea, on Monday. Photo: Reuters<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Behind that number lies a cascade of anxieties, from surging import costs to sluggish growth, creeping inflation and the spectre of stagflation.<\/p>\n","protected":false},"excerpt":{"rendered":"For the first time in over three decades, South Korea is doing something it hoped it would never&hellip;\n","protected":false},"author":2,"featured_media":330850,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[163093,42,163088,163089,163094,163092,163095,163087,26096,47,43,119367,163090,11471,9569,114994,40,38,41,39,163091],"class_list":["post-330849","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-hanyang-university","tag-headlines","tag-hur-joon-young","tag-hyundai-research-institute","tag-joo-won","tag-kim-gwang-suk","tag-kim-jeong-sik","tag-kim-yong-beom","tag-lee-jae-myung","tag-middle-east","tag-news","tag-organisation-for-economic-cooperation-and-development","tag-sogang-university","tag-south-korea","tag-stagflation","tag-strait-of-hormuz","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-yonsei-university"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/330849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=330849"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/330849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/330850"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=330849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=330849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=330849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}