The South Koreangovernment won't be able to ask domestic oil refiners to maintain their lowered retail oil prices once their "self- imposed" price cuts end, a senior official
at the Ministry of Knowledge Economy said Friday.
Speaking in parliament, Vice Minister Kim Jung-gwan said it will be difficult for the government to ask oil refiners to continue to keep the prices at lowered levels once the three-month price cut comes to an end July 7.
In early April, SK Energy and other oil refiners said they would cut prices of gasoline and diesel by KRW100 a liter for three months to share the pain of high inflation with its customers.
The vice minister also said the authorities will "guide" oil refiners, in the event of price hikes, to move in a way that doesn't shock the real economy.
