South Korea to create price transparency in local oil market

The South Korean government announced that it will require local refiners to publish domestic selling prices of oil products, in a bid to increase competition. Every Thursday, refiners will have to post prices of oil products sold at their retail outlets as well as those they supply to gasoline stations. In another measure to boost competition, the government will allow retail outlets to trade oil products from more than one refiner. SK energy, which supplies its products to gasoline stations indirectly through its oil-distributing affiliate SK Networks, is obliged to post the prices of products given to the distributing arm. (May 7, 2009)