Industry Minister Asks Petroleum Firms to Avoid Price Hike

This photo taken March 10, 2024, shows prices at a gas station in Seoul. (Image courtesy of Yonhap)

SEJONG, Mar. 14 (Korea Bizwire) – Industry Minister Ahn Duk-geun on Thursday asked petroleum companies to refrain from increasing the prices of their products amid lingering inflation and external uncertainties.

The remark came as global oil prices continued to remain volatile due to the prolonged war between Russia and Ukraine, along with the geopolitical instability in the Middle East.

“The government is prioritizing taming inflation as the top task for the economy and is currently utilizing all available measures to stabilize the price of oil and LPG,” Ahn said during a visit to a gas station in Seoul.

Dubai crude, South Korea’s benchmark, has recently risen above US$80 per barrel, compared with $77.33 in December and $78.85 in January, according to the government data, leading to higher gasoline and diesel prices here.

Last month, South Korea extended a tax cut on fuel consumption by an additional two months through April in an effort to curb inflation and ease economic burdens on the people.

The government is closely monitoring domestic oil prices to ensure the effectiveness of the tax reduction policy, the ministry said.

(Yonhap)