South Korea's Ministry of Trade, Industry and Energy announced on Thursday that the country will ease its current diesel export restrictions starting in November, provided that domestic supply remains stable.
The ministry stated that the government will permit diesel exports of up to 110% of the export volume recorded in the same period last year, an increase from the current cap of 100%.
The ministry added that the higher ceiling will only apply if refiners fulfill their domestic supply obligations and maintain sufficient inventory levels.
South Korea implemented export restrictions on fuel products in March when it introduced a petroleum price cap mechanism, aiming to ensure stable domestic supply. Recently, local refiners have called for a relaxation of these restrictions.
The Ministry of Trade, Industry and Energy said that crude oil supply remains stable, with crude imports in both October and November reaching at least 100% of last year's monthly average.
An official from the ministry stated, "Given the ongoing tensions in the Middle East, the government will closely monitor the supply of petroleum products. Should further supply concerns arise in the future, the government will immediately reinstate the previously implemented price cap measures."
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