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Korean media: South Korea is considering implementing a oil price cap system for the first time in 30 years
Deep Tide TechFlow News, March 8 — According to Yonhap News Agency, sources revealed on Sunday that the South Korean government is considering implementing a price cap on oil for the first time in nearly 30 years amid concerns over rising energy prices due to escalating conflicts in the Middle East. As the US and Israel target Iran and Iran retaliates, global oil prices have surged accordingly. Previously, fluctuations in international oil prices took about two weeks to affect domestic prices, but this time, the impact was almost immediate, prompting officials to reconsider the feasibility of introducing an oil price cap.