Seoul eases oil product import rules to boost competition

摘要

Seoul—South Korea May 8 decided to ease regulations imposed on local petroleum importers to help them boost oil products imports in an effort to increase competition and lower pump prices by weakening the hold on the market of the country’s four existing refiners. The country’s oil products importers have so far been required to maintain stocks equivalent to 30 days of imports, and have at least 7,500 kiloliters (47,000 barrels) of storage capacity in order to be eligible to import fuel.