The Finance Ministry is planning to lower tariffs on imported oil products from 3% to 1% and will allow large format discount stores to directly import fuel for sale in the Korean market, according to Petrol Plaza.
The Korean government has included gasoline and diesel to a list of 52 household essentials that are used by the lower 40% of households with an average monthly income under KRW2.7 million. It will also monitor the prices regularly, according to the news source.
Petrol Plaza reported that the Korean government will cut the prices of products which have inflated due to higher costs, by improving distribution and introducing a tariff quota regime. The government also plans to tackle anti-competition issues such as collusion, cornering and hoarding.
