High oil prices expected to continue during the May holiday period... Domestic gasoline prices remain in the 2,000 won range

As the holiday season ahead of May, the Family Month, approaches, demand for outings is rising, but domestic fuel prices are likely to remain at a high level for the time being. This is because tensions in the Middle East and declining crude oil inventories have combined to keep international oil prices from settling down easily. At the end of last month, international oil prices fell somewhat in a single day, but on a recent onemonth average, they remained at a high level, exceeding $100 per barrel. The average domestic gasoline price also has not come down easily after surpassing 2,000 won per liter. The government is maintaining a ceilingprice system that caps refinery exfactory prices, but if the market price reflects an upward trend after the system ends, the burden on consumers could grow further. Industry and the securities market are warning of the possibility of further rises in international oil prices, saying the impact of supply disruptions could begin in earnest from May.