This week, the weekly average prices of gasoline and diesel at domestic gas stations rise together for the sixth straight week. According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), the nationwide average retail price of gasoline at gas stations in the first week of May (3–7) is 2,011.2 won per liter, up 2.6 won from last week. By brand, SK Energy stations average 2,016.8 won, the highest, while budget gas stations average 1,993.6 won, the lowest. The photo shows citizens refueling at a budget gas station in Seoul on the 10th./Courtesy of Yonhap News

The government said on the 10th that it held the second meeting to review financial support for oil importers on the 8th with oil importing companies, The Export-Import Bank of Korea, and Korea National Oil Corporation (KNOC).

International Economic Management Officer Mun Ji-sung of the Ministry of Finance and Economy presided over the meeting and said, "With oil-exporting countries in the Middle East struggling to ship crude, and the United Arab Emirates (UAE) exiting the Organization of the Petroleum Exporting Countries (OPEC), uncertainty persists," adding, "The volatility of the war situation in the Middle East is very high, so it is necessary to examine the situation closely."

She added, "The Export-Import Bank of Korea plans to actively support our corporations facing difficulties due to the Middle East war."

Corporations that took part in the meeting proposed improving financing conditions, supporting diversification of import sources, deferring tax payments and offering tax incentives, and expanding government releases from strategic petroleum reserves. Officials from SK Energy, S-Oil, and HD Hyundai Oilbank attended the meeting.

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