Ministry of Industry Holds LPG Market Inspection Meeting
The Ministry of Trade, Industry and Energy, chaired by Yoo Beop-min, Director General of the Resource Industry Policy Bureau, held the 'Liquefied Petroleum Gas (LPG) Market Inspection Meeting' and met with LPG import and production companies as well as related organizations to request cooperation for price stabilization.
An official from the Ministry explained, "This meeting was held based on the judgment that, ahead of the winter season when energy demand is concentrated, not only government efforts such as tax reductions for price cuts and heating cost support for vulnerable groups but also active cooperation from the industry are necessary."
Earlier this month, the government announced the 'Heating Support and Energy Saving Measures,' which expands support for basic livelihood security recipients and lower-income groups using LPG in winter to the level of gas and district heating (up to 592,000 KRW).
In his opening remarks at the meeting, Director Yoo stated, "The government has extended the fuel tax reduction measures until the end of the year and is also reviewing additional burden relief measures to stabilize LPG prices. We are very grateful that the LPG industry has actively cooperated with the government's price policy by reflecting only part of the factors causing domestic LPG price increases, such as international prices and exchange rate rises, considering consumers' fuel cost burdens." He then requested, "As we approach the winter season with rapidly increasing energy demand, please make active efforts to ensure stable fuel supply."
According to the Ministry, the LPG industry said, "Most imports are North American LPG, so there are no supply issues due to the recent Israel-Palestine situation," and added, "Although there are price increase factors due to the recent rise in international LPG prices, we will do our best to stabilize LPG prices in the spirit of sharing the pain of the public facing difficulties in winter."
The Ministry plans to continue efforts to minimize the burden on LPG fuel consumers through ongoing communication with the gas industry.
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