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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.

South Korean low-cost carriers have cut around 900 round-trip international flights and rolled out unpaid leave programs amid soaring fuel prices triggered by Middle East instability.

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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.

Despite Philippine officials securing safe passage assurances through the Strait of Hormuz from Tehran, fuel prices in Metro Manila remained elevated on April 4 amid lingering effects of the Iran war—following President Marcos' March 24 national energy emergency declaration.

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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.

Hong Kong authorities have been urged to review the pricing mechanism for local fuel supplies after petrol retailers were accused of swiftly raising prices as conflict erupted in the Middle East, even though the city had not yet exhausted its weeks-long stockpile. Global fuel prices have soared since the US-Israel war with Iran broke out, disrupting traffic along the Strait of Hormuz – the key waterway that handles about 20 per cent of the world’s oil shipments. The Hong Kong, China Automobile Association criticised what it described as “unfair” price increases for fuel in the city, arguing that the petrol currently on sale would have been bought before the outbreak of the conflict.

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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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