On November 13, South Korea's Ministry of Trade, Industry and Energy froze petroleum maximum prices for the 12th consecutive round, maintaining gasoline at 1,784 won per liter, diesel at 1,773 won per liter, and kerosene at 1,380 won per liter. The decision mirrors the 11th round pricing despite recent declines in international crude oil.

According to industry officials, the freeze reflects concerns over Middle East tensions and elevated maritime shipping costs. While international benchmark crude (Dubai and Brent) has declined to the $90 per barrel range in October compared to June highs, shipping rates on Middle East-to-China routes surged to 1,202 in early November from 295 in late June, driven by ongoing maritime security incidents near the Strait of Hormuz.

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