S.Korea Maintains Petroleum Prices Amid Global Oil Supply Concerns
The government of South Korea has announced that it will maintain the highest price of petroleum products at the current level for the next month. According to Yang Ki-wook, head of the Ministry of Trade, Industry and Energy Security Office, the 9th highest price of oil, which will be applied from midnight on July 25th, will be frozen at the existing 7th highest price.
The current prices for gasoline, diesel, and kerosene are KRW 1,784 per liter, KRW 1,773 per liter, and KRW 1,380 per liter respectively. International oil prices have risen by 40% in recent weeks due to concerns over global oil supply and demand.
The Ministry of Industry is also investigating the August ship operation plan for domestic refineries, which may lead to delays in the transportation of crude oil from September.