Home / FLD / South Korea launches probe into fuel hoarding

South Korea launches probe into fuel hoarding

The South Korean government announced that it will probe into whether retail fuel stations are hoarding oil stocks in anticipation of a planned increase in prices.  The energy ministry urged refiners to increase supplies so that the domestic market could be stabilized.  The government will also likely reduce tariffs on crude oil imports in an effort to reduce domestic oil product prices.  The Ministry of Knowledge Economy released a statement which said that fuel stations that do not sell oil products despite having stocks would be punished.  Consumers were urged to report any stations refusing to sell oil products.  Refiners in the country were also urged to increase oil products output. (June 27, 2011)