On the first day of the oil price ceiling, the government asked refiners and gas stations to help stabilize prices and began inspecting the market.
The Ministry of Trade, Industry and Resources said on the 13th that Minister Kim Jung-kwan held a cross-ministerial inspection meeting, an industry roundtable, and on-site visits to stabilize oil prices and establish market order.
The Minister presided over a "joint cross-ministerial inspection team meeting" at Korea Trade Insurance Corporation (K-sure) in Seoul that day. The inspection team, composed of the Ministry of Trade and Industry (MOTI), the Ministry of Land, Infrastructure and Transport, the Korea Fair Trade Commission, the National Tax Service, related ministries and local governments, Korea National Oil Corporation (KNOC), and the Korea Petroleum Quality & Distribution Authority (K-Petro), is checking oil price trends and cracking down on illegal distribution.
Since on the 6th, the inspection team has carried out more than 800 intensive crackdowns on gas stations in high-risk groups for illegal oil distribution, uncovering 20 cases of illegal activity. The government plans to continue more than 2,000 crackdowns per month.
At the subsequent "oil market inspection meeting," the participants, including refiners and the gas station association, discussed recent domestic and overseas oil price trends and response measures.
Participants agreed that although domestic oil prices have fallen slightly recently, consumers still feel a heavy burden, and they agreed to cooperate to ensure that the price ceiling implemented that day works properly in the field.
The average domestic gasoline price rose from 1,692.89 won per liter on the 28th of last month to 1,906.95 won on the 10th, then edged down to 1,898.78 won as of the 12th. During the same period, diesel prices rose from 1,597.86 won to 1,931.62 won, then fell to 1,918.97 won.
The Minister said, "If refiners' supply prices stabilize under the price ceiling, please help ensure that the benefits are passed on to consumers by maintaining stable retail prices at gas stations."
The Minister then visited SK Energy's headquarters to check the status of petroleum product production and supply management, and went to a gas station in Mapo District, Seoul, to examine price trends.