Refiners cut fuel supply prices amid Iran crisis

Refiners Cut Fuel Supply Prices Amid Iran Crisis

South Korea's major oil refiners are reducing their supply prices to help stabilize gasoline and diesel prices amid the ongoing conflict in Iran. This move comes as global crude oil prices have surged due to the geopolitical tensions in the Middle East, causing fuel prices in South Korea to rise sharply. President Lee Jae-myung has warned about potential collusion between refiners and gas station operators, leading to higher prices than other markets.

Refiners like HD Hyundai Oilbank have adjusted their supply prices, though the exact reductions are unclear. Companies such as SK Innovation and S-Oil are also cooperating with government policies to stabilize prices. The government is considering introducing a fuel price cap to control costs, but concerns remain about potential shortages and financial burdens. Overall, this measures aim to address the immediate spike in fuel prices while ensuring a stable supply of crude oil for the nation.