Gov’t Holds Meeting on Ways to Stabilize Oil Prices

The government held a meeting on Friday on ways to stabilize oil prices as uncertainties surrounding the nation’s oil market grow due to heightened tensions in the Middle East. 

Trade, industry and energy minister Ahn Duk-geun chaired the meeting attended by local refiners and operators of discount gas stations also known as “thrifty gas stations.”

Stressing that stabilizing prices is directly related to people’s livelihood, Ahn urged participants to pay active attention and make efforts to ensure the burden from rising global oil prices is not passed on excessively to consumers. 

According to the ministry, the refinery industries and operators of thrifty gas stations agreed to refrain from raising oil prices as much as possible. 

Currently, thrifty gas stations operated by the Korea National Oil Corporation are estimated to be continuously selling gasoline 40 won or around 3 cents cheaper per liter than ordinary gas stations. 

Efforts are also under way to add 40 more such gas stations in the Seoul metro area and major cities within the year.