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West Asia tensions: S. Korea urges oil refiners to avoid excessive price hikes

Officials from SK Energy, GS Caltex, S-Oil, and HD Hyundai Oil Bank attended the meeting, reports Yonhap news agency.

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Industry Minister Kim Jung-kwan on Monday called on major oil refiners to refrain from excessively raising prices amid a recent surge in international crude oil prices due to the ongoing Middle East situation, his office said. 

"We ask that transparent and fair petroleum pricing be implemented to ensure that the burden of rising international oil prices due to the recent situation in the Middle East is not unilaterally or excessively passed on to consumers," Kim said in a meeting with oil refinery industry representatives and related authorities in Seoul, according to the Ministry of Trade, Industry and Resources.

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