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South Korean PM Kim Min-seok addresses meeting on extending fuel price caps amid Middle East supply crisis.
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PM to decide on fuel price caps after review

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Prime Minister Kim Min-seok said Wednesday the government will decide whether to extend fuel price caps after a careful review, as the temporary measure expires this week. Introduced in mid-March to counter supply disruptions from the Middle East conflict, the system has shown positive effects despite mixed opinions. Kim made the remarks at a meeting on the crisis's economic impact.

Oil marketing companies hiked commercial LPG cylinder prices by ₹993 on May 1, 2026. Prices of aviation turbine fuel for domestic carriers remained unchanged, while ATF for international airlines rose by $76.55 per kilolitre. Bulk diesel prices increased from ₹137 to ₹149 per litre.

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Air India plans additional cuts to international flights in June and July after a 10-12% reduction in April and May. The move comes amid rising fuel prices and longer flight paths that have increased operating costs and hurt profitability. CEO Campbell Wilson informed employees of the challenging situation in an internal communication.

India's largest airline IndiGo has introduced new fuel surcharges of up to ₹950 per sector on domestic routes and ₹10,000 on long-haul international flights following an 8.56% rise in jet fuel prices. The government coordinated a partial and staggered increase with oil companies. The changes apply to all new bookings from April 2.

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A coalition of transport groups, commuters, and workers will stage a two-day strike on Thursday and Friday to demand stronger government action on surging fuel prices. Around 500,000 public utility vehicle drivers are expected to join. The Philippine National Police will deploy 50,000 personnel and provide free rides nationwide.

Gasoline and diesel prices rose moderately in South Korea on Sunday as the government considers adopting a price cap system amid concerns over rising energy prices due to the escalating Middle East conflict. According to the Korea National Oil Corp., the nationwide average gasoline price reached 1,893.3 won ($1.27) per liter, up 3.9 won from the previous day, while diesel increased 4.8 won to 1,915.4 won per liter.

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Following US and Israeli attacks on Iran last week, Iran has closed the Strait of Hormuz on March 1, 2026, surging global oil prices and threatening fuel costs in Kenya just before the Energy and Petroleum Regulatory Authority (EPRA) review on March 14.

 

 

 

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