"Industry and Land, Mid-3rd Quarter SAF Mid-to-Long-Term Strategy Announcement"

On the 16th, the Ministry of Trade, Industry and Energy announced that Vice Minister Choi Nam-ho met with representatives of the four domestic oil refining companies?SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank?to discuss measures to stabilize domestic oil prices.

This meeting was organized to seek solutions to alleviate the public burden amid the continued rise in domestic oil prices due to factors such as the increase in international oil prices, seasonal factors, and the partial refund of oil tax, as well as to discuss major issues in the oil industry.

Vice Minister Choi Nam-ho stated, "Although the inflation rate has somewhat slowed since April, the perceived inflation remains high. The government plans to implement all necessary measures to ease the public’s burden regarding oil prices as much as possible." He also urged the industry to refrain from excessive price hikes and to join efforts to stabilize oil prices. The oil industry also agreed to minimize increases in supply prices of petroleum products due to rising international prices and retail prices at company-operated gas stations.

The meeting also included discussions on the aviation fuel sector, where the transition to eco-friendly fuels is accelerating in response to global environmental regulations.

Vice Minister Choi Nam-ho said, "The expansion of Sustainable Aviation Fuel (SAF) use represents both a new opportunity and challenge for our oil industry. In consultation with the petroleum and aviation industries, experts, and relevant ministries, we will jointly announce a mid- to long-term strategy for the spread of SAF with the Ministry of Land, Infrastructure and Transport in the third quarter of this year." He also requested the oil industry to respond with bold investments.