Korea's Ministry of Trade, Industry and Energy is figuring out ways to cut charges related to the importation and sale of petroleum.

A council is being set up with the oil refining companies, whose losses are estimated at four trillion won in the first quarter of this year alone, to discuss how to ease their burden.

The new council will undertake a more fundamental review of the charges.

Payment deadlines for the companies' April to June charges amonting to around 900 billion won have already been deferred.
But the companies still have requested the ministry to reduce the charges with the pandemic affecting their business.

These companies are paying 16 won per liter crude oil and petroleum products importation and 36 won per liter in selling high-octane gasoline and butane.

Such charges exceeded 1.8 trillion won last year.

The ministry is also planning to review the government’s oil stockpiling policy due to oil prices plummeting as a result of prlonged conflicts expected among the United States, Russia and Middle East countries.