South Korea to cap oil prices to stabilize soaring... ... LIVE: NATO Intercepts Iranian Missile in Turkish Airspace

South Korea says it will cap oil prices for the first time since 1997 to stabilize soaring fuel costs driven by the war.

Kim Yong-beom, the presidential policy chief of staff, said in a briefing Monday that Seoul plans to introduce the caps sometime this week.

The government did not immediately provide details on how the caps would be structured and operated.

The move will help make fuel prices more predictable and prevent refineries and gas stations from raising prices “abnormally,” Kim said.

The Korea National Oil Corporation says it is holding several months’ worth of strategic oil reserves at nine storage facilities across South Korea, a stockpile that exceeds the International Energy Agency’s recommendation of 90 days.

South Korea last released its strategic reserves, which are used to address serious supply disruptions, in 2022 when Russia’s invasion of Ukraine shocked global energy markets.