The government today pressured the local oil and gas industry to further cut petroleum prices. It comes as it pushes to pass on the benefit of tumbling global oil prices to consumers.
The push, however, was met by opposition from industry officials complaining of the high tax rate.
The Ministry of Trade, Industry and Energy asked for “cooperation” from industry representatives to encourage gas stations and distributors of LPG gas to lower their prices, adding there is room for more cuts.
Chae Hee-bong, the ministry’s energy policy director, said that falling global oil prices are not reflected enough in domestic retail prices in some channels of distribution.
He asked that the industry’s associations encourage members to slash oil prices so that the general public can benefit.
International oil prices more than halved in January compared to a year ago. Dubai crude tumbled from just over $104 per barrel in January 2014 to $46.60 earlier this week.
Source: Busan eFM News
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