For the first time in over three decades, South Korea is doing something it hoped it would never do again: telling the market what it can charge for fuel.
President Lee Jae Myung’s order is more than a mere policy reversal, however.
For a country that imports nearly every barrel it consumes, it is an act of pre-emptive self-defence – the reflex of an economy watching the Middle East burn and knowing exactly what that means.
Fuel prices have already surpassed 1,900 won (US$1.28) per litre at some…
South Korea enacts historic fuel price cap to fight Iran oil shock
