Korea Petroleum Association Pledges "Stable Domestic Supply Top Priority" in Response to President Lee's Call for Crisis Resolution

Four Major Refiners Mobilize to Secure Alternative Crude Oil
Cooperating with Implementation of the 'Second Price Ceiling System'

As President Lee Jae-myung urged the refining industry to join efforts to overcome the national crisis, the Korea Petroleum Association announced on the 24th that it would strive to ensure the stable supply of petroleum products.

On the 22nd, fuel prices were posted in front of a gas station in downtown Seoul. Photo by Yonhap News Agency

On this day, the association stated in a press release, "Refining companies such as SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank are mobilizing all available means to secure alternative crude oil sources in response to the outbreak of war in the Middle East, in order to maintain a stable supply of domestic petroleum products." The association added, "We plan to continue prioritizing domestic supply of the petroleum products we produce."

The refining industry is also cooperating with the government's 'petroleum price ceiling system,' which has been implemented since the 13th to stabilize petroleum product prices that have surged due to the recent deterioration of the situation in the Middle East. The industry also plans to work with the gas station sector and others to ensure that the 'second price ceiling system,' scheduled to be announced on the 27th, is implemented smoothly and to minimize the impact of rising international oil prices on domestic gas station prices.

Earlier, at a Cabinet meeting held at the Blue House on the 24th, President Lee said, "The expansion and prolongation of the Middle East war is increasing instability in the supply of crude oil and natural gas," and urged the refining industry to "deeply recognize its public responsibility as a key national industry and actively participate in the efforts to overcome this national crisis."

However, investigations into the refining industry are underway at the same time. The four major refining companies, along with the Korea Petroleum Association, have been subject to prosecution raids on charges of colluding to arbitrarily raise or freeze prices of petroleum products and oil distributed domestically.

Regarding this, President Lee stated, "Yesterday, the prosecution launched an investigation into allegations of price collusion among refiners," and emphasized, "Any unfair profiteering that exploits the suffering of the public must be thoroughly rooted out and severely punished according to the law and principles."

This content was produced with the assistance of AI translation services.