Asia

SEOUL: South Korean President Lee Jae Myung said on Monday (Mar 9) that authorities would cap domestic fuel prices for the first time in nearly 30 years to contain a spike in prices after the conflict in the Middle East sent global crude prices sharply higher.Speaking at an emergency meeting on the impact of the Middle East crisis, Lee said the government would “swiftly introduce and boldly implement” a maximum price system on petroleum products “that have recently seen excessive price increases”.The current crisis “is a significant burden on our economy, which is highly dependent on global trade and energy…

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