South Korea plans first refinery price-cap compensation calculation by end-November
South Korea’s industry ministry plans to complete its first calculation of compensation for refiners’ losses under the petroleum price cap by the end of November and notify companies. The calculation covers March 13 through June 30, with recognized costs and appropriate margins remaining disputed. Refiners may appeal within 30 days of notification. The government aims to finalize and pay compensation as early as this year, but appeals could delay the schedule.