Minister Kim Jeong-kwan: "Oil price ceiling is a minimum safeguard to protect the national economy"

The Financial News
Regarding the sudden implementation on the 13th of the new oil price ceiling system, Minister of Trade, Industry and Resources Kim Jeong-kwan stated, "This is not intended to control the market, but is a minimum safety device to protect the national economy in times of crisis," and he called for cooperation from the industry.
That day, Kim chaired a meeting of the Joint Inter-Ministerial Inspection Team at the headquarters of Korea Trade Insurance Corporation in Jongno District, Seoul. He stressed to the team, "Any illegal act that exploits public anxiety for profit can never be tolerated," adding that "strong, government-wide enforcement efforts are necessary."
At the subsequent Oil Market Review Meeting, representatives from refiners, the Korea Oil Station Association, and Korea National Oil Corporation attended to discuss domestic and international oil price trends and response measures. Participants agreed that although domestic oil prices have inched down compared with the previous day since the 11th, the price burden that consumers actually feel remains very high. They also concurred that refiners, gas stations, and related industries must work together so that the price ceiling system, which took effect today, can take firm root on the ground.
Kim urged, "If the implementation of the price ceiling system stabilizes refiners' supply prices, I ask gas stations to cooperate in maintaining stable retail prices so that the benefits can be passed on to consumers."
After the Oil Market Review Meeting, Kim visited the headquarters of SK Energy and held an informal tea meeting with its executives. Emphasizing that "the role of the refining industry is extremely important for the oil price ceiling system to operate stably in the field," he asked, "Even in these difficult circumstances, please continue to pay close attention to the stable production of petroleum products and the management of their supply."
After concluding the meeting, Kim immediately visited a gas station in the Mapo District that had raised its prices less than nearby stations despite the recent surge in global oil prices. After hearing from the station owner about recent oil price trends, Kim requested, "Following the implementation of the price ceiling system, please continue to keep pump prices stable so that the public can directly feel that oil prices are being stabilized."

aber@fnnews.com Park Ji-young Reporter