The country’s refiners have put a hold on prices for three straight weeks now with both SK Corp and LG-Caltex Oil Corp admitting the freeze was in consideration of the adverse effect such a move would do to the South Korean economy.
Surging international oil prices should have resulted in about a 5-won (US$0.0043) increase for local oil prices, although if the international crude prices continue to rise the company’s say it may be difficult to maintain the current price level.
SK Corp has frozen wholesale gasoline prices at 1,313 won (US$1.10) per litre and diesel prices at 854 won (US$0.733). LG-Caltex’s prices stand at 1,317 won (US$1.13) per litre for gasoline and 851 won (US$0.731) per litre for diesel.
