ID :
192019
Thu, 06/30/2011 - 12:09
Auther :
Shortlink :
https://oananews.org//node/192019
The shortlink copeid
GS Caltex to gradually raise fuel prices
SEOUL, June 30 (Yonhap) -- GS Caltex Co., South Korea's second-largest refiner, said Thursday that it will gradually raise domestic fuel prices to avoid a sharp rise as its temporary price reduction expires next month.
"A sudden price change would affect the supply and demand. We will raise prices at a gradual pace in order to reduce the impact on consumers," said an official at GS Caltex. "But we haven't decided the details of the planned price hike."
In April this year, the nation's four major refineries -- SK Innovation Co., GS Caltex, S-Oil Corp. and Hyundai Oilbank Co. -- temporarily cut prices of gasoline and diesel by 100 won (US$0.09) per liter in line with the government's efforts to ease rising inflation in Asia's fourth-largest economy. The price cut is set to expire on July 7.
GS Caltex's move came as the government, out of concern over high consumer prices, presses the refineries to raise the fuel prices slowly.
Earlier in the day, the country's finance ministry sharply raised its inflation forecast for the year while cutting its economic growth target.
The ministry lifted its inflation forecast for 2011 to 4 percent from the 3 percent set previously while lowering its economic growth target to 4.5 percent from the about 5 percent set in December last year.
"A sudden price change would affect the supply and demand. We will raise prices at a gradual pace in order to reduce the impact on consumers," said an official at GS Caltex. "But we haven't decided the details of the planned price hike."
In April this year, the nation's four major refineries -- SK Innovation Co., GS Caltex, S-Oil Corp. and Hyundai Oilbank Co. -- temporarily cut prices of gasoline and diesel by 100 won (US$0.09) per liter in line with the government's efforts to ease rising inflation in Asia's fourth-largest economy. The price cut is set to expire on July 7.
GS Caltex's move came as the government, out of concern over high consumer prices, presses the refineries to raise the fuel prices slowly.
Earlier in the day, the country's finance ministry sharply raised its inflation forecast for the year while cutting its economic growth target.
The ministry lifted its inflation forecast for 2011 to 4 percent from the 3 percent set previously while lowering its economic growth target to 4.5 percent from the about 5 percent set in December last year.
