As a nation that imports nearly every drop of oil it consumes, South Korea is hitting the panic button to shield citizens from rising prices
For a country that imports nearly every barrel it consumes, it is an act of pre-emptive self-defence – the reflex of an economy watching the Middle East burn and knowing exactly what that means.
Fuel prices have already surpassed 1,900 won (US$1.28) per litre at some Korean petrol stations for the first time in more than three years.
Behind that number lies a cascade of anxieties, from surging import costs to sluggish growth, creeping inflation and the spectre of stagflation.
Source: News - South China Morning Post
