South Korea likely to cut gas charges

By Park Sae-jin Posted : December 18, 2014, 17:02 Updated : December 18, 2014, 17:23

 


The South Korean government will likely lower gas charges from January next year in accordance with falling international crude oil prices, sources said on Thursday.

Officials of the strategy-finance and trade-industry-energy ministries plan to hold a meeting later this month to discuss the matter, they said.

The move came after President Park Geun-hye ordered related government offices to monitor in real time whether a drop in international crude oil prices is reflected in domestic gasoline price and immediately take steps to reflect it in domestic public utility fees, such as gas and electricity charges. 

Park issued the instruction during a meeting with her senior aides at the presidential office of Cheong Wa Dae on Dec. 15.

The price of Dubai crude oil has plunged about US$20 in recent weeks. It fell $0.94 to close at $55.56 on Wednesday (local time), according to the Korea National Oil Corporation. Dubai crude accounts for about 80 percent of the country's imports of petroleum.

The crude price fall comes after the OPEC decided not to cut crude production in late November. OPEC stands for the Organization of the Petroleum Exporting Countries.
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