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Gov't to regularly check prices of automotive lubricants, marine fuel to stabilize supplies

Published: 08 Apr. 2026, 13:05

Engine oil is displayed at a supermarket in Seoul on April 2. [YONHAP]

The government will conduct weekly checkups on automotive lubricants and marine fuel markets to rein in rising prices and stabilize supplies of those products, the Ministry of Trade, Industry and Resources said on Wednesday.

The Industry Ministry unveiled the plan at a meeting with officials from related ministries and representatives of the fuel industry, held to discuss a response to increasing prices of automotive lubricants, such as engine oil, and marine fuel products and their supply disruptions.

The ministry said that 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 hikes, the ministry said.

Yonhap