South Korea to implement open price system

The government of South Korea, through the Ministry of Knowledge Economy, is trying to keep fuel prices down by enacting a new decree requiring oil refineries to provide information on fuel transactions. Currently, the government requires oil refineries to disclose the quantity of fuel provided to retailers and the amount of money the oil refineries take in monthly. The new open price system requires refiners to reveal the size and the price of each fuel shipment. “The government believes it will help ensure the people’s right to know and also price transparency of oil products by expanding the scope of disclosure by refineries to their retail prices,” the ministry said. (August 22, 2011)