Industry minister asks refiners to use fair pricing policy amid Israel

South Korea's industry minister on Wednesday requested local oil refiners use a fair and transparent pricing policy amid the growing volatility of crude prices as the Israel-Hamas war intensifies.

"We ask (local oil refiners) to use a transparent and fair oil pricing policy so that the recent rise in oil prices does not unilaterally burden the people," Industry Minister Bang Moon-kyu said during a meeting with business officials.

Bang emphasized that stabilizing oil prices is the top concern for the government's consumer price policies, noting that the country will take action against those taking advantage of the recent market volatility.

"People complain that local oil prices, which are linked to global prices, tend to rise quickly and fall slowly," Bang added, asking the oil refiners to take such concerns into consideration.

Earlier this week, South Korea announced its plan to extend the tax cut on fuel consumption, which was set to expire this month, through the end of this year.

The industry ministry, meanwhile, said the Israel-Hamas conflict has not had an immediate impact on the supply of energy sources to South Korea.

Nevertheless, the government is maintaining continuous monitoring of related situations and is actively tracking the country's reserves of oil and gas, it added. (Yonhap)