(LEAD) Retail fuel prices drop at slower-than-expected pace after price cap system introduction: ministry | Yonhap News Agency

## Summary
OK (ATTN: RECASTS headline, lead; ADDS more info in last para) SEOUL, March 16 (Yonhap) -- Fuel prices at gas stations have been steadily dropping, but at a slower pace than expected, since the government introduced a temporary price cap system last week, the industry ministry said Monday, vowing continued efforts to ease energy supply woes due to the Middle East crisis. The average gasoline price at gas stations nationwide came to 1,840.1 won (US$1.23) per liter as of Sunday, down 58.7 won from Thursday, a day before the price ceiling system took effect, according to data compiled by the Ministry of Trade, Industry and Resources. In a meeting with industry officials Monday, Industry Minister Kim Jung-kwan said retail prices of fuel products are falling at a slower-than-expected pace, stressing that once the gas stations run out of their existing inventories, purchased before the price cap system, retail prices should go lower. A gas station in Seoul on March 15, 2026 (Yonhap) nyway@yna.co.kr (END) Related Articles (LEAD) Korean won falls further against dollar amid oil price surge, supply woes (LEAD) Industry minister says fuel price cap system already showing price stabilization effect (LEAD) Gov't to implement fuel price cap system starting midnight to help ease cost burdens Keywords #fuel prices #price cap Articles with issue keywords Most Liked (News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats 16th Gwangju Biennale: You must change your life BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones BTS to launch 'Arirang' pop-ups to mark new album release Police vow zero tolerance for terror threats against BTS comeback concert Most Saved 16th Gwangju Biennale: You must change your life (2nd LD) N.

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(ATTN: RECASTS headline, lead; ADDS more info in last para)
SEOUL, March 16 (Yonhap) -- Fuel prices at gas stations have been steadily dropping, but at a slower pace than expected, since the government introduced a temporary price cap system last week, the industry ministry said Monday, vowing continued efforts to ease energy supply woes due to the Middle East crisis.
The average gasoline price at gas stations nationwide came to 1,840.1 won (US$1.23) per liter as of Sunday, down 58.7 won from Thursday, a day before the price ceiling system took effect, according to data compiled by the Ministry of Trade, Industry and Resources.
The average retail diesel price dropped 77.8 won to 1,841.2 won per liter over the same period.
The price decrease came after the government on Friday implemented a price cap system on products oil refineries supply to gas stations. The system was introduced to help ease cost burdens related to soaring fuel prices in light of supply concerns due to the conflict in the Middle East.
The initial price ceiling was set at 1,724 won per liter for regular gasoline, 1,713 won per liter for diesel and 1,320 won per liter for lamp oil. The threshold will be readjusted every two weeks to reflect changes in international oil prices.
In a meeting with industry officials Monday, Industry Minister Kim Jung-kwan said retail prices of fuel products are falling at a slower-than-expected pace, stressing that once the gas stations run out of their existing inventories, purchased before the price cap system, retail prices should go lower.
Kim also said the government will mobilize "all available resources" so that consumers can feel the effects of the maximum price system at gas stations, vowing continued monitoring of oil prices and on-site inspections to crack down on unfair market practices.
The government will also provide incentives to consumer-friendly gas stations that offer fair prices, he added.
The number of gas stations nationwide that cut their gasoline prices from a day earlier stood at 1,633 on Sunday, sharply dropping from 4,216 on Saturday, according to the ministry.
A gas station in Seoul on March 15, 2026 (Yonhap)
nyway@yna.co.kr
(END)
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(LEAD) Retail fuel prices drop at slower-than-expected pace after price cap system introduction: ministry

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## Expert Analysis

### Merits
N/A

### Areas for Consideration
- A gas station in Seoul on March 15, 2026 (Yonhap) nyway@yna.co.kr (END) Related Articles (LEAD) Korean won falls further against dollar amid oil price surge, supply woes (LEAD) Industry minister says fuel price cap system already showing price stabilization effect (LEAD) Gov't to implement fuel price cap system starting midnight to help ease cost burdens Keywords #fuel prices #price cap Articles with issue keywords Most Liked (News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats 16th Gwangju Biennale: You must change your life BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones BTS to launch 'Arirang' pop-ups to mark new album release Police vow zero tolerance for terror threats against BTS comeback concert Most Saved 16th Gwangju Biennale: You must change your life (2nd LD) N.

### Implications
- OK (ATTN: RECASTS headline, lead; ADDS more info in last para) SEOUL, March 16 (Yonhap) -- Fuel prices at gas stations have been steadily dropping, but at a slower pace than expected, since the government introduced a temporary price cap system last week, the industry ministry said Monday, vowing continued efforts to ease energy supply woes due to the Middle East crisis.
- The threshold will be readjusted every two weeks to reflect changes in international oil prices.
- In a meeting with industry officials Monday, Industry Minister Kim Jung-kwan said retail prices of fuel products are falling at a slower-than-expected pace, stressing that once the gas stations run out of their existing inventories, purchased before the price cap system, retail prices should go lower.
- Kim also said the government will mobilize "all available resources" so that consumers can feel the effects of the maximum price system at gas stations, vowing continued monitoring of oil prices and on-site inspections to crack down on unfair market practices.

### Expert Commentary
This article covers price, lead, prices topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 683.