The Korea Times
The government will conduct weekly checkups on automotive lubricant and marine fuel markets to rein in rising prices and stabilize supplies of such products, the industry ministry said Wednesday. The Ministry of Trade, Industry and Resources unveiled the plan at a meeting with officials from related ministries and the fuel industry, held to discuss a response to increasing prices of automotive lubricant, such as engine oil, and marine fuel products and their supply disruptions. The ministry said it has been leading an intergovernmental inspection team to look into why the country is facing shortages in automotive lubricant supplies despite stable production of the product. Korea's lubricant production stood at 760,000 barrels last month, marking a slight increase from the corresponding figure of 710,000 barrels in March last year, according to data compiled by the Korea Petroleum Association. The government will work to boost the transparency of domestic petroleum product supply chains and respond to any act disrupting market order, such as artificial supply control and excessive price h
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