The government announced that it has secured over 100% of its crude oil volume for October and November compared to the previous year's average.

The Ministry of Trade, Industry and Energy explained today (the 13th) that "crude oil import volumes for October and November are secured at over 100% of the previous year's average," adding, "Naphtha volumes have also been secured at over 100% of demand for October and at the 100% level for demand in November."

As conflicts in the Middle East have intensified, a "November crisis theory" had previously been raised within the domestic refining and energy sectors. However, the Ministry stated that there are currently no disruptions in the supply and demand of crude oil and naphtha.

The Ministry also views the impact of the global diesel supply crunch on South Korea as relatively limited.

An official from the Ministry explained, "Our structure involves importing crude oil, refining it, and using half of the petroleum products for domestic consumption while exporting the other half," adding, "Since the refining industry is importing crude oil at previous year levels and operating its facilities, there are no issues in terms of volume."

The official further elaborated, "Under normal circumstances, domestic prices would be linked to international prices, but we are currently applying a petroleum ceiling price system, preventing international diesel prices from being directly transferred."

The Ministry set the 10th petroleum ceiling prices, applicable for four weeks starting September 19, at the same rates as the 9th: 1,784 won per liter for gasoline, 1,773 won for diesel, and 1,380 won for kerosene. It is expected to announce the 11th ceiling prices on October 16.

According to the Ministry, while adjusting oil prices through the ceiling price system, South Korea has seen an increase of 9.69% in gasoline and 15.36% in diesel over the same period.

In the United States, compared to February 27 before the outbreak of the Middle East war, gasoline prices increased by 46.17% and diesel prices by 66.67%.

Regarding the possibility of changes to the ceiling prices, a Ministry official stated, "It is difficult to speak prematurely," and added, "We must comprehensively consider the national economy, supply and demand conditions, and oil prices."

(Photo: Yonhap News)