The industry ministry on Thursday asked local oil refiners to support the government’s efforts to stabilize oil prices. (Image courtesy of Yonhap)
SEOUL, Nov. 9 (Korea Bizwire) — The industry ministry on Thursday asked local oil refiners to support the government’s efforts to stabilize oil prices.
“As oil products are daily necessities for the people, the government is making proactive efforts to stabilize their prices,” Deputy Minister for Energy Policy Lee Ho-hyeon said during a meeting with industry officials.
Meanwhile, South Korea decided last month to extend the tax cut on fuel consumption through December amid concerns about growing inflationary pressure caused by the conflict in the Middle East.
Under the decision, the government has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption of diesel.
The ministry said that a bilateral free trade agreement struck by South Korea and the United Arab Emirates in October will also lower tariffs on crude imports, which will eventually help stabilize local prices.
(Yonhap)
