Industry Minister Commends Gas Stations for Stabilizing Fuel Market

SEOUL, May 19 (Yonhap) -- Industry Minister Kim Jung-kwan on Tuesday commended gas stations working to stabilize the domestic fuel market, with fuel prices here being kept at a relatively stable level, Kim's office said.

Kim met with the representatives of gas stations selected as low-cost gas stations by a civic group monitoring the energy market to encourage them to continue their price stabilization efforts and hear out their difficulties in relation to the government's fuel price cap scheme.

Under the price ceiling system introduced in mid-March in response to global oil prices driven up by the Middle East crisis, South Korea has seen a relatively small increase in fuel prices compared with other countries, with the average gasoline price at gas stations nationwide standing at around 2,011 won (US$1.34) per liter and the average diesel price at around 2,006 won per liter as of 9 a.m., according to the Ministry of Trade, Industry and Resources.

To lower the cost burden on consumers, the government has frozen price caps on gasoline, diesel and kerosene products over the past six weeks, keeping the maximum prices of regular gasoline, diesel and kerosene supplied to gas stations by local oil refiners at 1,934 won, 1,923 won and 1,530 won per liter, respectively.

The ministry said the diesel price here stopped at a 26 percent increase from before the U.S.-Israeli-war broke out in late February, while prices in the United States and Britain went up by 44 percent and 37 percent, respectively, over the same period.

"The government was able to manage domestic oil prices thanks to the efforts of gas stations," Kim said, calling for continued collaboration among the government, private sector and the people until the Middle East crisis is resolved.