South Korea lowered price ceilings on fuel products on Friday. Finance Minister Koo Yun-cheol vowed to freeze electricity and gas rates in the second half of the year.
The adjustment lowers maximum prices for regular gasoline, diesel and kerosene by 150 won each to 1,784 won, 1,773 won and 1,380 won per liter from Saturday.
Koo cited easing tensions after the US-Iran memorandum of understanding and said the cap system will stay until consumer prices stabilize. The government will also run discount programs for farm and fishery goods in July and August.
Consumer prices rose 3.1 percent in May from a year earlier. Petroleum product prices jumped 24.2 percent on-year.
