Seoul: The industry ministry on Wednesday urged major oil companies to refrain from implementing significant price increases amid ongoing volatility in global energy prices, officials reported. The appeal came during a meeting with four major domestic oil refineries, including SK Energy Co. and GS Caltex Corp., along with related institutions, to discuss current market conditions in the petroleum sector.

According to Yonhap News Agency, the ministry has sought voluntary cooperation from oil refiners and gas station operators to prevent substantial price hikes. This initiative aims to alleviate the financial pressures on businesses and reduce the impact on everyday energy consumption. Market observers have expressed concerns about potential increases in domestic oil prices, which could follow the recent upward trends in international petroleum prices.

Recent data from the ministry indicates that global petroleum prices had dipped to $77.7 per barrel in the fourth week of November, down from $80.2 two weeks prior. However, they saw a rebound to $79.4 last week. The fluctuating prices have prompted the government's call for restraint to stabilize the domestic market and ease the economic burden on consumers.