[South Korea Considering Implementing Oil Price Cap for the First Time in 30 Years] BlockBeats News, March 8: According to Yonhap News Agency, sources revealed on Sunday that the South Korean government is considering implementing an oil price cap for the first time in nearly 30 years due to concerns over rising energy prices triggered by escalating conflicts in the Middle East. As the U.S. and Israel strike Iran and Iran retaliates, global oil prices have surged in response. Previously, fluctuations in international oil prices would take about two weeks to affect domestic prices, but this time the impact on South Korea's domestic oil prices was almost immediate, prompting officials to examine the feasibility of introducing an oil price cap. Sources stated that the government is cautiously weighing this option due to potential side effects such as market distortions and fiscal burdens. Earlier, South Korean President Lee Jae-myung ordered that if implementing a nationwide unified oil price cap proves difficult, a system of regional and fuel-type-specific price caps should be swiftly established. The following day, Lee Jae-myung also warned oil refiners against colluding to raise gasoline prices. Following the president's instructions, the government formed an interdepartmental task force to crack down on illegal oil distribution, hoarding, and unfair trading practices. However, despite these measures, gasoline prices at domestic gas stations in South Korea continue to rise. (Jin10)