Seoul, March 9: South Korea’s Industry Minister Kim Jung-kwan appealed to major oil refinery companies on Monday to refrain from raising prices excessively. This request comes amid a sharp increase in international crude oil prices, driven by the current situation in the Middle East.
Kim stated, “We want petroleum prices to be set transparently and fairly, so that the burden of the recent rise in international oil prices due to the Middle East situation is not disproportionately placed on consumers.”
He made this statement during a meeting with representatives from the oil refinery industry and relevant officials in Seoul, as reported by the Ministry of Industry, Trade, and Resources.
Officials from major oil companies, including SK Energy, GS Caltex, S Oil, and HD Hyundai Oil Bank, attended the meeting, according to the Yonhap News Agency.
Kim noted that changes in global oil prices typically affect domestic fuel prices about two weeks later. However, prices surged rapidly after the U.S. and Israel launched airstrikes on Iran last week.
The Industry Minister warned that if any company exploits the rise in international oil prices to undermine efforts to stabilize people’s lives, the government would respond firmly.
According to data from the Korea National Oil Corporation, the average price of gasoline in Seoul surpassed 1,900 won (approximately $1.28) per liter for the first time in nearly four years on Friday. By Sunday, it had risen further to 1,945 won per liter.
Amid public criticism, the Korea Oil Station Association previously stated that the main reason for the recent increase in domestic fuel prices is the rise in supply prices by oil refinery companies.
In light of a potential resource crisis, the government issued a precautionary warning last week to address fluctuations in the energy market amid ongoing instability in the Middle East.
As part of this, the government is planning to ensure additional oil supplies from regions other than the Middle East and is prepared to release oil reserves if necessary.
The government is also taking strict action against unfair market activities related to energy supply and is considering implementing a price cap on oil for the first time in nearly 30 years.
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NA/Piyush
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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