A gas station in central Seoul (Yonhap)
SEOUL, Dec. 10 (Korea Bizwire) — The industry ministry on Wednesday asked major oil companies to refrain from engaging in drastic price hikes amid recent volatility in global energy prices, officials said.
The request was made during a meeting with four major domestic oil refineries, including SK Energy Co. and GS Caltex Corp., and related institutions held to discuss market conditions in the petroleum market.
The ministry said it has asked for voluntary cooperation from oil refiners and gas station operators to prevent excessive price increases to help alleviate financial burdens on businesses and everyday energy consumption.
Market watchers have expressed concerns over an increase in domestic oil prices in line with recent hikes in international petroleum prices.
Global petroleum prices had decreased to US$77.7 per barrel in the fourth week of November from $80.2 two weeks earlier, but rebounded to $79.4 last week, according to the ministry.
(Yonhap)
