South Korea plans first oil price-cap compensation calculation by end-November
South Korea’s industry ministry plans to complete its first calculation of compensation for refiners’ oil price-cap losses by the end of November and notify the companies. The settlement covers March 13–June 30, and refiners may appeal within 30 days of notification. The government aims to finalize and pay compensation as early as this year, though appeals could delay payment. The government and industry have differed over allowable costs and appropriate margins.