Minister Kim Jeongkwan: "Four Days Into Oil Price Cap, Retail Gas Price Adjustment Slow"

"Government Will Mobilize All Resources
to Ensure Consumers Feel the Impact of the Price Cap"

Exploring Incentives for
'Good Gas Stations' That Quickly Reflect Price Reductions

On the first day of the implementation of the maximum petroleum price system on March 13, Kim Jeonggwan, Minister of Trade, Industry and Energy, visited a gas station in Mapo, Seoul, and spoke with the gas station staff. 2026.03.13 Photo by Yoon Dongju

Minister of Trade, Industry and Energy Kim Jeong-kwan conducted an on-site inspection, citing the slow pace at which the new oil price cap system is being reflected in retail gas station prices. He also stated that, if refinery supply price reductions are not sufficiently passed on to consumers, the government will strengthen on-site inspections and price monitoring.

On the morning of March 16, Minister Kim visited Changhyeon Gas Station, an independently operated budget gas station in Cheongju, North Chungcheong Province. He pointed out, "Today marks the fourth day since the price cap system was implemented, but it seems the drop in refinery supply prices is not being quickly reflected in consumer prices at gas stations." He added, "Once gas station inventories are depleted, stations will refill their tanks at lower prices than before, so it is only natural that consumer prices should decrease accordingly."

Since the implementation of the oil price cap system, domestic fuel prices have shown a gradual downward trend. According to Opinet, the oil price information system operated by Korea National Oil Corporation, as of this morning, the nationwide average gasoline price at gas stations stood at 1,836.54 won per liter, down 3.55 won from the previous day. Diesel prices fell by 4.94 won to 1,836.23 won per liter.

Looking at the price trends, on March 13, when the oil price cap system came into effect, the nationwide average gasoline price was 1,893.3 won per liter, and diesel was 1,911.1 won per liter. The next day, gasoline dropped to 1,845.31 won and diesel to 1,847.91 won. On March 15, gasoline was 1,840.09 won and diesel 1,841.17 won, marking four consecutive days of decline.

However, since the price decreases have been relatively minor, there are opinions that consumers feel only limited relief. In some regions, gasoline prices are still hovering around 1,900 won per liter, so many feel that the price burden has not been significantly reduced.

In response, Minister Kim stated, "The government will mobilize all available resources to ensure that consumers can feel the impact of the price cap system at gas stations."

On this day, Minister Kim also received briefings from the gas station owner and the head of the Korea National Oil Corporation stockpiling center regarding changes in refinery supply prices and retail prices before and after the implementation of the price cap system, as well as changes in customer traffic at gas stations.

Additionally, he observed the first delivery of a tanker truck ordered since the implementation of the price cap system, checking how supply price reductions are actually being reflected on-site. The delivery process involves transferring fuel supplied by the refinery into the gas station's storage tanks.

Going forward, the government plans to strengthen oil price monitoring and on-site inspections, while continuously checking the status of price pass-through by operating an Oil Reporting Center. It is also considering providing incentives to "good gas stations" that quickly reflect price reductions.

This content was produced with the assistance of AI translation services.