PANews reported on March 8th that, 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 about rising energy prices caused by the escalating conflict in the Middle East. Global oil prices rose in response to the US-Israel strikes on Iran and Iran's subsequent retaliation. While international oil price fluctuations typically take about two weeks to affect domestic prices, this time the impact was almost immediate, prompting officials to examine the feasibility of introducing an oil price cap. Sources said the government is carefully weighing this option due to potential side effects such as market distortions and fiscal burdens. Previously, South Korean President Lee Jae-myung ordered that if a nationwide uniform oil price cap is difficult to implement, a price cap system should be quickly established based on region and fuel type. The following day, Lee also warned refiners against colluding to raise gasoline prices. Following the president's instructions, the government established an inter-agency inspection team to crack down on illegal oil distribution and hoarding, as well as unfair trading practices. However, despite these measures, gasoline prices at South Korean gas stations continue to rise.