Seoul: The government has announced plans to conduct weekly checkups on the automotive lubricant and marine fuel markets in an effort to curb rising prices and stabilize the supply of these essential products, as revealed by the industry ministry on Wednesday.

According to Yonhap News Agency, the Ministry of Trade, Industry and Resources disclosed this strategy during a meeting with officials from related ministries and the fuel industry. The meeting was convened to address the increasing prices of automotive lubricants, such as engine oil, and marine fuel products, alongside their supply disruptions.

The ministry has been spearheading an intergovernmental inspection team tasked with investigating the reasons behind the ongoing shortages in automotive lubricant supplies, despite the stable production rates. Data from the Korea Petroleum Association indicates that South Korea's lubricant production reached 760,000 barrels last month, a slight increase from 710,000 barrels in March of the previous year.

In response to the challenges, the government aims to enhance the transparency of domestic petroleum product supply chains. The ministry also committed to addressing any actions that may disrupt market order, including artificial supply control and excessive price hikes, to ensure stability in the market.