Anothernegative factor is the decline in sales of LPG vehicles here in Korea. Thistrend stands in stark contrast to the strong performance of the oil refiningindustry whose operating profit reached an all-time high of 2.26 trillion wonin the first quarter of this year.
Accordingto industry sources on May 16, SK Gas posted an operating profit of 5.01billion won in the first quarter of this year, down about 90 percent from ayear ago. It slipped into a net loss of 1.26 billion won during the period.
E1also suffered a 37-percent decline in operating profit to 18.9 billion won inthe first quarter, with its quarterly net profit falling 38 percent to 16.1billion won.
Themain factor behind the sluggish performance of the LPG suppliers is a steepincrease in international LPG prices which started picking up from thebeginning of this year.
Thesales of LPG vehicles in Korea also have been on a downward trend, falling to2.18 million units last year from 2.27 million in 2015, 2.41 million in 2013,and 2.45 million in 2010.
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