![Fuel prices, including gasoline, are posted at a gas station in Seoul on March 4. [Photo=Yonhap]](https://image.ajunews.com/content/image/2026/03/07/20260307112641280242.jpg)
The three groups said they will work together so that spikes in international oil prices are not rapidly passed through to prices at South Korean gas stations.
The Korea Petroleum Association said it will join the government’s preemptive response system for energy supply and demand after authorities issued a “attention” level resource security crisis alert for crude oil and gas. The association said it will cooperate to ensure stable domestic supply of petroleum products and to help keep prices steady.
The association noted that Singapore gasoline prices, a key benchmark used to calculate domestic prices, have been rising sharply. It warned that if those factors are reflected all at once in domestic prices, the public could face heavier burdens, including higher inflation. It said it will do its best to spread any increases over time at the pump.
Domestic refiners said they will continue efforts to stabilize prices, noting that since the Russia-Ukraine war they have absorbed losses when fuel taxes were cut and immediately reflected the reductions at company-run gas stations. They also said they plan to disclose supply prices transparently to help maintain order in the petroleum market.
The Korea Petroleum Distribution Association and the Korea Gas Station Association, representing fuel distribution, said they will urge agencies and gas station operators to appropriately reflect price increases during periods of sharp rises while also cooperating to keep supplies stable.
* This article has been translated by AI.
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