South Korea Battles Fuel Price Hikes with Refiner Plea

As Middle East tensions drive crude to new heights, South Korea's Industry Minister Kim Young-kwan issued a stark warning to oil refiners Monday: no excessive profiteering. The Seoul summit with executives aimed to shield citizens from the fallout.

'We demand transparent pricing so the oil price surge doesn't overwhelmingly hit consumers,' Kim told reps from SK Energy, GS Caltex, S-Oil, and HD Hyundai Oil Bank.

Global changes typically filter to local stations in two weeks, but U.S.-Israeli actions on Iran last week fast-tracked hikes. Seoul's gasoline hit over 1,900 won per liter Friday (first in four years) and 1,945 won Sunday, Korea National Oil data reveals.

Retailers attribute jumps to refinery cost increases, sparking widespread criticism. Kim promised retaliation against livelihood disruptors.

The response is comprehensive: early crisis alerts, diversified procurement, reserve readiness, market surveillance, and contemplation of a 30-year-first price cap. These steps blend precaution with enforcement to stabilize supply chains and ease public burdens in a volatile era.