Lee: “Preparations Underway to Reduce Oil Refineries’ Mandatory Domestic Supply and Increase ‘Export Volume’”
6 Articles
6 Articles
President Lee Jae-myung stated on the 21st, “As oil refiners’ production capacity has recently recovered and domestic diesel consumption has decreased, we are preparing to appropriately reduce the mandatory domestic supply and increase the export volumes of refiners.” On the afternoon of the same day, President Lee posted on social media (SNS) X (formerly Twitter) regarding the situation where various countries want to import Korean diesel but t…
On the 21st, President Lee Jae-myung stated, “Domestic retail prices for diesel and gasoline are being very well maintained and managed at appropriate levels,” adding, “Do not worry about oil price management or refined oil exports.” On that day, President Lee posted on X (formerly Twitter), “As an emergency measure due to the Middle East war, we designated a maximum price for domestic supply by refineries, and domestic supply
While international diesel prices continue their upward trajectory, having more than doubled in the past year, the domestic refining industry is failing to reap any benefits from the export boom. Although export opportunities have grown due to the war in the Middle East and supply disruptions in Russia, the industry is unable to increase export volumes because it is bound by government export caps and obligations to supply the domestic market. T…
On the 21st, President Lee Jae-myung, in relation to the high oil prices resulting from the Middle East war, [reduced] the mandatory domestic supply volume of oil refineries and export volumes.
South Korea is preparing measures to ease restrictions on domestic fuel sales, aiming to give refiners greater flexibility in exporting petroleum products.
South Korea is preparing to reduce mandatory fuel supplies to the domestic market, giving refiners the opportunity to increase their exports, according to a statement by President Lee Jae-myung in H.E.
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