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South Korea freezes fuel price caps for four more weeks despite $100-plus oil
Коротко
South Korea's Ministry of Trade and Industry (산업통상부) said on October 16 that the 11th round of petroleum price caps, applying for four weeks from midnight on October 17, will stay at the 10th-round level: 1,784 won per litre for gasoline, 1,773 won for diesel and 1,380 won for kerosene. The ministry cited continuing Middle East tension, Brent and Dubai crude above $100 a barrel and consumer price pressure, with petroleum product prices up 14.8% year on year in September.
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South Korea's Ministry of Trade and Industry (산업통상부) announced on October 16 that the 11th round of petroleum price caps will be frozen at the 10th-round level for four weeks from midnight on October 17; Hankook Ilbo put the end date at November 13. The per-litre caps on prices refiners charge gas stations stay at 1,784 won for gasoline, 1,773 won for diesel and 1,380 won for kerosene, though Hankook Ilbo gave the kerosene cap as 1,773 won. [ 1 , 2 , 3 , 4 , 5 , 7 , 8 , 9 , 11 ]
Yonhap and Seoul Shinmun reported the caps have been unchanged since the 7th cap was cut by 150 won per litre in late June; Yonhap said that cut came at the time of a US-Iran agreement to end the war. Hankook Ilbo said the system began on March 13, and Seoul Economic Daily said it has run for more than seven months. [ 5 , 7 , 9 , 11 ]
The ministry cited continuing Middle East tension, including Iranian attacks on ships passing through the Strait of Hormuz and attacks by Yemen's Houthi rebels on Saudi Arabian airports and oil facilities. On October 15 Brent crude stood at $105.9 a barrel, Dubai at $107.0 and West Texas Intermediate at $98.0, while Newsis put Dubai at about $108.55. The ministry said consumer price inflation slowed to 2.9% in September but petroleum product prices were 14.8% higher than a year earlier despite the caps. [ 1 , 2 , 4 , 5 , 7 , 8 , 11 ]
Combined gasoline and diesel sales fell 3.7% year on year in September. Gas station gasoline sales rose 3.0%, which Yonhap said some saw as a sign that price controls were raising consumption; the ministry attributed the rise to Chuseok holiday demand and highway gas station discounts. Gasoline sales fell 5.5% in the first two weeks of October, and cumulative gasoline and diesel sales since the second week of March were down 1.7% and 7.6%. [ 1 , 4 , 5 , 7 , 8 ]
Citing falling domestic consumption, refiners have asked the government to ease limits on petroleum product exports. The ministry said it would seek ways to manage export volumes with the industry as long as domestic supply is not affected. Yonhap reported that current measures keep exports from exceeding 100% of the same month a year earlier. The government said crude imports for October and November have been secured at more than 100% of the previous year's average. [ 1 , 2 , 4 , 5 , 7 , 8 ]
Seoul Economic Daily reported the government has set aside 5.6497 trillion won in this year's supplementary budget and next year's budget proposal to compensate refiners, while industry estimates put cumulative losses at 7 to 8 trillion won. Son Yang-hoon (손양훈), an economics professor at Incheon National University, told the paper the system should be ended soon and prices set properly. [ 9 ]
Почему это важно
The caps limit what refiners charge gas stations and have been unchanged since a 150-won cut in late June. Seoul Economic Daily reported the government has set aside 5.6497 trillion won to compensate refiners, while industry estimates put their cumulative losses at 7 to 8 trillion won. Refiners are also asking for looser limits on petroleum product exports as domestic sales fall.
Ключевые факты
- The 11th petroleum price cap was frozen at the 10th-round level for four weeks from midnight on October 17. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 , 9 , 11 ]
- Per-litre caps: gasoline 1,784 won, diesel 1,773 won, kerosene 1,380 won. [ 1 , 2 , 3 , 4 , 5 , 6 , 8 , 9 , 11 ]
- The caps have been unchanged since the 7th cap was cut by 150 won per litre in late June. [ 5 , 6 , 11 ]
- On October 15 Brent crude was $105.9 a barrel, Dubai $107.0 and WTI $98.0. [ 2 , 5 , 8 , 11 ]
- Consumer price inflation slowed to 2.9% in September, but petroleum product prices were up 14.8% year on year. [ 1 , 2 , 4 , 5 , 7 , 8 , 11 ]
- Cumulative gasoline and diesel sales from the second week of March to the second week of October fell 1.7% and 7.6% year on year. [ 1 , 4 , 5 , 7 , 8 ]
- Refiners have asked for easier export limits; the ministry said it would seek ways to manage export volumes without affecting domestic supply. [ 1 , 2 , 4 , 5 , 7 , 8 ]
- Crude imports for October and November have been secured at more than 100% of the previous year's average. [ 1 , 2 , 4 , 7 ]
Подтверждено несколькими источниками
- The government froze the 11th petroleum price cap at the previous level for four weeks from October 17. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 11 ]
- The gasoline cap is 1,784 won per litre and the diesel cap 1,773 won. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 11 ]
- The caps apply to the prices refiners supply to gas stations. [ 2 , 3 , 7 , 9 ]
- Middle East tension, including Iranian attacks on ships in the Strait of Hormuz and Houthi attacks on Saudi airports and oil facilities, was cited as a reason. [ 1 , 2 , 4 , 5 , 7 , 8 , 11 ]
- Petroleum product prices rose 14.8% year on year in September despite the caps. [ 1 , 2 , 4 , 5 , 7 , 8 , 9 , 11 ]
- Refiners are asking the government to ease petroleum product export restrictions. [ 1 , 2 , 3 , 4 , 5 , 7 , 8 ]
Пока неясно
- The kerosene cap level. Hankook Ilbo gave the kerosene cap as 1,773 won per litre; the other outlets gave 1,380 won.
- The Dubai crude price on October 15. Most outlets reported $107.0 a barrel; Newsis reported about $108.55.
- How the government will respond to the export request. Dong-A Ilbo said the government would review easing the export restriction; other outlets said only that it would seek ways to manage export volumes within limits that keep domestic supply secure.
- The size of refiners' losses under the cap. Only Seoul Economic Daily reported the industry estimate of 7 to 8 trillion won, above the 5.6497 trillion won the government has budgeted.
- Whether the price controls raised fuel consumption. Yonhap reported criticism that the 3.0% rise in September gasoline sales showed controls increased consumption; the ministry attributed it to temporary Chuseok demand and highway discounts.
Что пишут местные СМИ
Хронология, местное время
- October 16: national average pump prices are 1,856.50 won per litre for gasoline and 1,842.74 won for diesel, according to Opinet. [ 6 ]
- October 16: outlets report the ministry's decision to freeze the 11th price cap. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
- October 17: the 11th price cap takes effect for four weeks. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 , 9 , 11 ]