Ministry of Industry "refrain from raising prices exceeding oil tax reduction"

2024.10.29 AM 11:18
The government has asked the industry to refrain from sharply raising prices as the rate of oil tax cuts has been reduced starting next month.

The Ministry of Trade, Industry and Energy held an oil market inspection meeting to discuss some reduction in oil taxes and preparations for the situation in the Middle East.

First of all, he asked us to refrain from raising prices beyond the reduction in order to minimize the burden on the people due to the reduction of oil taxes.

Regarding the recent urgent situation in the Middle East, he said there is no problem with energy supply and demand, such as oil and gas, but he plans to check the stockpile and maintain an emergency communication system with the industry just in case.

The Ministry of Industry predicted that gasoline will increase by 42 won per liter, diesel by 41 won, and liquefied petroleum gas by 14 won from next month due to the reduction of oil taxes.



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