**Fuel Price Hike: South Korea Takes Measures to Mitigate Pressure on Energy Supply** As the ongoing war involving Iran continues to disrupt global oil markets, South Korea has taken a crucial step to protect its energy supply. The country's energy ministry has announced the introduction of a fuel price cap to prevent a sharp increase in domestic fuel prices. This measure aims to shield South Korea's economy, which is heavily reliant on imported energy. With a significant portion of its oil shipments passing through the Strait of Hormuz, South Korea has been exploring alternative supply sources to ensure its energy needs are met. In a bid to secure its energy supply, the government has secured a deal to import crude oil from the United Arab Emirates. Additionally, South Korea has built up strategic oil reserves equivalent to about seven months of national consumption, providing a buffer against potential supply disruptions. The fuel price cap, which took effect from midnight on Thursday, March 12, aims to limit the supply prices charged by refiners to distributors and fuel stations. The maximum supply price for regular gasoline has been set at 1,724 won (approximately N750) per litre, while automotive diesel has been capped at 1,713 won per litre. These prices are lower than the average fuel prices submitted by refiners on Wednesday, March 11, indicating a swift effort to stabilise the domestic market. The price controls will remain in place for two weeks, after which authorities will reassess the situation and adjust the limits depending on global oil market conditions. This move demonstrates South Korea's commitment to protecting its economy and ensuring energy security in the face of global uncertainty. In a similar vein, one can recall how Nigeria has grappled with fuel price hike and scarcity issues in the past, resulting in economic hardship for citizens. South Korea's proactive measures to mitigate the impact of global oil market fluctuations serve as a model for other oil-dependent economies, including Nigeria, to consider in their own energy security strategies.