Government Takes on 'High Oil Prices'... Cracks Down on Expensive Gas Stations

Ministry of Industry Launches 'Refining Companies and Gas Stations Market Inspection Team'
Plans to Inspect Gas Stations Nationwide at Least Twice Weekly

On the 6th, citizens are refueling their vehicles at the budget gas station in Mannam Square Rest Area, Seocho-gu, Seoul. Although the fuel tax reduction rate was increased from 30% to 37% starting this month, the decrease in fuel prices has been minimal, so consumers do not feel the impact. According to Opinet, the oil price information site of the Korea National Oil Corporation, the average gasoline price at gas stations nationwide on the afternoon of the 5th was 2,117.18 KRW per liter, down 3.40 KRW from the previous day, and the diesel price was 2,150.78 KRW, down 2.30 KRW from the previous day. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Sejong=Reporter Lee Jun-hyung] The government has launched an inspection of gas stations that have not lowered fuel prices despite the additional reduction in fuel tax. The government also plans to monitor the supply prices of oil refiners daily.

On the 6th, the Ministry of Trade, Industry and Energy announced that it had formed a 'Refiner and Gas Station Market Inspection Team' with related ministries including the Ministry of Economy and Finance and the Fair Trade Commission. The inspection team is a temporary organization established to enhance the effectiveness of the government's additional fuel tax reduction policy. It consists of two groups: the Price and Collusion Team and the Distribution and Quality Team, which will also crack down on illegal activities such as the distribution of counterfeit oil.

Earlier, the government expanded the fuel tax reduction rate from the existing 30% to 37% on the 1st. However, some gas stations did not adjust the gasoline selling price according to the additional fuel tax reduction rate.

This is why the inspection team checked three high-priced gas stations located in Seoul on the afternoon of the same day. The team compared the selling prices of the inspected gas stations with nearby stations to check for collusion and requested participation in price reductions.

On the 6th, vehicles were lined up at the Altteul Gas Station in Mannam Square Rest Area, Seocho-gu, Seoul, waiting to refuel. Although the fuel tax reduction rate was increased from 30% to 37% starting this month, the decrease in fuel prices has been minimal, so consumers do not feel the impact. According to Opinet, the oil price information site operated by the Korea National Oil Corporation, the average nationwide gasoline price at gas stations on the afternoon of the 5th was 2,117.18 KRW per liter, down 3.40 KRW from the previous day, and the diesel price was 2,150.78 KRW per liter, down 2.30 KRW from the previous day. Photo by Kim Hyunmin kimhyun81@

The Ministry of Trade, Industry and Energy will conduct additional inspections of about 10 gas stations in Seoul and Gyeonggi Province four times this week. Starting next week, the ministry plans to expand inspections by touring gas stations nationwide at least twice a week.

Inspections of refiners will also be strengthened. Through the inspection team, the ministry plans to monitor the supply prices of refiners daily and check the price status. Additionally, supply and quality investigations will be conducted focusing on refineries and storage facilities.

The ministry expects gasoline prices to be further reduced one to two weeks after existing gas station inventories are depleted. As of 4 p.m. on the 5th, the average gasoline selling price at gas stations nationwide was 2,117.2 KRW per liter, which is 27.7 KRW lower than 2,144.9 KRW on the 30th of last month before the additional fuel tax reduction.

Meanwhile, the ministry operates the 'Petroleum Market Reporting Center' to eradicate illegal activities such as price collusion, counterfeit oil distribution, and tax evasion. Anyone can report suspected illegal activities by refiners or gas stations to the Petroleum Market Reporting Center.

This content was produced with the assistance of AI translation services.