Industry Ministry asks four major oil refiners to help curb inflation

Industry

Published: 16 Jul. 2024, 18:56 Updated: 16 Jul. 2024, 19:02

Industry Ministry asks four major oil refiners to help curb inflation

This file photo provided by the Ministry of Trade, Industry and Energy on July 12, 2024, shows Second Vice Industry Minister Choe Nam-ho. [YONHAP]

The Industry Ministry said Tuesday it has asked the country's four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation.

Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy, GS Caltex, S-Oil and HD Hyundai Oilbank, according to the Ministry of Trade, Industry and Energy.

"Although consumer prices have slowed to some extent since April, perceived inflation still remains high," Choe said. "The government plans to take all necessary measures to ease the burden on the public from oil prices."

In response, the companies pledged to support the government's initiatives to curb inflation by minimizing price hikes at gas stations, despite rising global crude oil prices, according to the ministry.

Choe and the oil refiners also discussed ways to address tightening global environmental regulations.

The government said it plans to release a long-term blueprint for the development of sustainable aviation fuel in the third quarter, which is an environmentally friendly alternative suitable for use in existing aircraft.

Yonhap