S-Oil, LG-Caltex Oil freeze gas prices

LG-Caltex Oil said Friday that it has decided to freeze the prices of petroleum products, including gasoline, for the month of February.

However, if the market situation shows a drastic change due to possible surge in international oil prices and an improvement in the won-dollar exchange rate, LG-Caltex Oil may reconsider the step, a company spokesman said.

With LG-Caltex Oil¡¯s announcement, which came in the wake of a similar announcement from S-Oil, the prices of petroleum products sold by all oil refineries except SK are to remain at their current level for the next month.

SK already raised the relevant prices and said it has no plans to impose a freeze for the time being. But analysts said there is a possibility that the company will lower prices again. At present, gas stations under the direct management of SK are selling oil at the higher prices, but most other SK stations have not yet imposed the price increase.