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In an effort to help the government battle inflation, South Korean's leading oil refiners started cutting fuel prices on Thursday. The cost to the four top oil refiners is estimated to be more than $640 million.
South Korea's leading refiners started cutting fuel prices on Thursday after the government's strong campaign against inflation.
South Korea's top refiner, SK Energy, said on Sunday that it would lower petrol and diesel prices by ten cents a liter for the next three months.
The move is to help the government of the world's fifth-largest crude oil importer curb inflation.
[Jun Tae-hoon, Public Relations Manager, SK Engery]:
"Amid unprecedented high oil prices, domestic oil price has recorded its highest. So we started cutting down our gasoline and diesel price by 100 won per liter, in line with cooperating with the government's campaign against inflation and sharing ordinary people's burdens."
Drivers welcome the refiners' decision to cut prices.
[Park Seon, Driver]:
"I'd been driving around to find cheaper gas stations, so it had made the burden too heavy for me. I'm glad to see the price going down."
However, some say oil prices had become too expensive and they would like to see more price cutting.
[Kim Jae-hyung, Driver]: (male gender, Korean)
"It's good for those who drive cars to see the oil prices going down, but I wish it would cut down more. I can't actually feel the lowered price since the price got lowered by only 100 won. The price is already too expensive."
Three South Korean crude oil refiners also started to cut gasoline prices this week, following a move by SK Energy.
Analysts estimate the measures could cost the four domestic refiners as much as $643 million.