SEOUL - In a move to combat persistent inflation, the South Korean government has requested the nation's leading oil refiners to avoid excessive price increases. This initiative was communicated by Second Vice Industry Minister Choe Nam-ho during discussions with representatives from SK Energy Co., GS Caltex Corp., S-Oil Corp., and HD Hyundai Oilbank.
According to Yonhap News Agency, Industry and Energy, Minister Choe emphasized the ongoing high perception of inflation despite a slight easing since April. The government has committed to taking comprehensive measures to alleviate the public's burden caused by rising oil prices. In their response, the oil companies have agreed to support these initiatives by limiting their price adjustments at gas stations, even as global crude oil prices climb. Furthermore, the meeting included dialogue on addressing stricter global environmental regulations, and the ministry revealed plans to introduce a sustainable aviation fuel development strategy by the third quarter of the year, promoting an eco-friendly alternative for current aircraft.