South Korea's oil refiners are facing big losses amid a drop in global demand due to coronavirus lockdowns and are seeking government support.

At a meeting with Industry Minister Sung Yun-mo on Wednesday, representatives from the country's four major oil refineries said they were taking measures of their own to reduce operations and expenses.

The companies -- namely SK Energy, GS Caltex, Hyundai Oilbank and S-Oil -- expressed concern over a continued decline in exports from low demand and asked the government for support.

Sung, in response, vowed active support to assist the country's oil refining industry to overcome the crisis and maintain their global competitiveness.

The government plans to offer discounts on rental fees for supply storage, as well as a two to three-month grace period for quality inspection fees.

The National Tax Service, meanwhile, will give oil refiners and liquor businesses a three-month grace period on taxes for April worth some two trillion won.