The Korea Petroleum Association (KPA) and the domestic refining industry said on the 26th that, in line with the government's released emergency economic response plan, they will actively join efforts on price stabilization and supply management.
SK Energy, GS Caltex, S-OIL, and HD Hyundai Oilbank, the four domestic refiners, said, "We will closely cooperate with price stabilization measures such as implementing the second maximum price system and expanding the fuel tax cut, and we will work harder to prioritize supplying major petroleum products such as gasoline, diesel, and naphtha to the domestic market."
The industry said it "fully understands the intent of designating naphtha as a crisis item and restricting exports," adding it "will also actively cooperate to stabilize domestic industries closely tied to people's daily lives, such as vinyl and plastics."
It added, "We will mobilize the industry's full crude procurement capabilities, including securing alternative supply sources, to maintain a stable supply base, and will continue to contribute to price and supply stability as a national key industry."
With the petroleum maximum price system, which caps refiners' supply prices to gas stations, in place for two weeks since on the 13th, the government decided to implement the second maximum price system starting at 12 a.m. on the 27th.
The caps were set at 1,934 won per liter (L) for regular gasoline, 1,923 won for automotive and marine diesel, and 1,530 won for indoor kerosene. Compared with the first petroleum maximum prices (1,724 won for gasoline, 1,713 won for diesel, and 1,320 won for indoor kerosene), all fuel types rose by 210 won.