In South Korea, SK energy will introduce a new pricing policy that discloses fuel supply prices to fuel stations in advance on a weekly basis, becoming the first company in the industry to adopt such a system.
The company announced this week that the new policy will center on advance price notification and the elimination of post-settlement adjustments. Under the new system, petroleum product prices supplied to fuel stations and distributors will be fixed and announced beforehand, with settlements conducted weekly based on the disclosed prices.
The policy will take effect after the government’s temporary fuel price cap program ends.
Until now, supply prices for fuel stations were determined through a settlement process in which prices were finalized after delivery, reflecting subsequent movements in international crude oil and refined product markets. The system was designed to accommodate the high volatility of global energy prices.
However, recent spikes in international oil prices have led to rapid increases in domestic fuel prices, prompting calls for greater transparency and predictability in the pricing process.
SK energy said the new pricing structure is expected to improve cost visibility for fuel stations and distributors while contributing to greater price stability for consumers.
Because retail fuel prices across the country will be determined based on pre-announced supply prices, gasoline and diesel prices are expected to fluctuate within a more predictable range.
Full story SK energy to introduce advance fuel pricing system - 매일경제 영문뉴스 펄스(Pulse)
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