The government is imposing a temporary price cap on wholesale prices for refined petroleum products starting midnight Friday, setting ceilings at 1,724 won ($1.17) per liter for regular gasoline, 1,713 won for diesel and 1,320 won for kerosene. The price ceilings are 109 won lower for gasoline, 218 won for diesel and 408 won for kerosene, compared with the average supply prices that refiners submitted on March 11, which were 1,833 won, 1,931 won and 1,728 won, respectively. The cap is based on the refiners’ average supply prices, multiplied by the recent change in international benchmark prices, using the Mean of Platts Singapore (MOPS), plus applicable taxes. It will not apply to retail prices as gas station costs and margins vary widely by region and business model, the Ministry of Trade, Industry and Resources said. In island regions that rely on sea transport, the cap is slightly higher at 1,743 won per liter for gasoline, 1,732 won for diesel and 1,339 won for kerosene. The price cap will be reset every two weeks, with each new ceiling calculated based on the previous cap and adju
