Visitation Minister Bang Moon-gyu: "Metropolitan Area Budget Gas Stations to Expand by Over 10% Within This Year"

'Petroleum Market Review Meeting for Stabilizing Living Costs'

Visiting Minister of Trade, Industry and Energy Bang Moon-kyu announced on the 18th that "the number of self-operated budget gas stations in the metropolitan area, where budget gas stations are scarce, will be increased by more than 10% within this year."

On the same day, Minister Bang held the 'Petroleum Market Inspection Meeting for Stabilizing Living Costs' and discussed measures to stabilize domestic oil prices with industry representatives and public institutions.

Minister Bang said, "There is a public criticism that domestic oil prices linked to international oil prices 'rise quickly but fall slowly,'" and urged refining company representatives to "implement transparent and fair oil price policies so that the burden caused by recent oil price increases is not unilaterally passed on to the public."

[Image source=Yonhap News]

He continued, "The government places the stabilization of oil prices as the top priority in price policies," emphasizing, "We will strictly crack down on acts that provoke price increases by taking advantage of rising oil prices."

The Ministry of Trade, Industry and Energy plans to form an inter-ministerial 'Petroleum Market Inspection Team' in cooperation with the Ministry of Economy and Finance, Ministry of Land, Infrastructure and Transport, Fair Trade Commission, and National Tax Service to ensure that the public fully benefits from the extended fuel tax reduction policy until the end of the year, and to crack down on collusion and other abuses during the high oil price period.

Furthermore, despite the high population density, the number of self-operated budget gas stations in the metropolitan area is relatively low. The ministry plans to increase these stations by more than 10% within this year so that more citizens can purchase petroleum products at affordable prices, and will also promote support for vulnerable groups during the winter season through energy vouchers.

Meanwhile, the Ministry of Trade, Industry and Energy has confirmed that there are currently no abnormalities in domestic energy supply and demand due to the Israel-Hamas armed conflict. However, as emergency situations may arise depending on future developments, the government will continuously monitor in real time, inspect oil and gas stockpiles and facilities, and maintain an emergency response system in case of contingencies.

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