Minister Kim Jungkwan Visits 'Good Gas Stations' to Inspect On-Site Efforts for Oil Price Stabilization

Meeting with Gas Station Owners Contributing to Price Stabilization Amid Middle East Oil Price Instability

Stations Selected Five Times to Be Designated as 'Exceptionally Good Gas Stations'

Government Awards and Dedicated Mark to Be Provided

Kim Jungkwan, Minister of Trade, Industry and Energy (right), is having a conversation with gas station officials before a meeting at Daewon Self Gas Station in Guro-gu, Seoul, on the 19th. Ministry of Trade, Industry and Energy.

On May 19, Kim Jungkwan, Minister of Trade, Industry and Energy, visited the Daewon Self-Service Gas Station in Guro-gu, Seoul to encourage the owners of 'Good Gas Stations' who have contributed to oil price stabilization and to listen to on-site difficulties. He also emphasized that, amid ongoing instability in international oil prices due to tensions in the Middle East, the government's implementation of the oil price ceiling system and private sector efforts for price stabilization are having a certain effect on stabilizing prices.

On this day, Minister Kim held an on-site meeting with representatives of Good Gas Stations from Seoul, Incheon, North Chungcheong, and North Jeolla regions to discuss the situation since the implementation of the price ceiling system and the need for additional support. The meeting was attended by representatives from Daewon Self-Service Gas Station, Tiger Trading World Cup Gas Station, Bukduchilseong Gas Station, Shinhwa Energy O Happy Gas Station, and Gwanghwal Nonghyup Gas Station.

'Good Gas Stations' are designated based on their contribution to oil price stabilization by the Energy & Oil Market Watchdog, a civic group. Since the government implemented the oil price ceiling system in March, 10 locations in Seoul and Gyeonggi and 5 in non-capital areas have been selected every two weeks. So far, a total of 334 gas stations have been designated as Good Gas Stations.

According to the Ministry of Trade, Industry and Energy, the selling price at Good Gas Stations is 14 to 15 won per liter lower than the national average, and 24 stations that have been selected more than twice are offering prices that are 19 to 21 won lower than the average.

The government is also expanding publicity and incentives for Good Gas Stations. Dedicated banners are being operated on Korea National Oil Corporation’s Opinet platform, and search functions for nearby Good Gas Stations are available on Tmap, Naver Map, and Kakao Map. In particular, stations that have been selected five times cumulatively will be granted the title of 'Exceptionally Good Gas Station,' receive a dedicated mark, and be eligible for government awards and other benefits.

The Ministry of Trade, Industry and Energy explained that, thanks to the oil price ceiling system and the operation of Good Gas Stations, the recent national average price of gasoline has remained stable at around 2,011 won per liter, while diesel prices are around 2,006 won per liter.

According to analysis by the Ministry of Economy and Finance, the price ceiling system is estimated to have lowered domestic prices by 0.6 percentage points in March and by 1.2 percentage points in April. In March, the average energy price inflation rate in OECD countries was 8.1%, while Korea’s was only 5.2%, according to the Ministry of Trade, Industry and Energy. In addition, the increase in diesel prices, which is directly related to the burden on truck drivers, was 26% in Korea compared to 44% in the United States and 37% in the United Kingdom, indicating a relatively lower rate.

Minister Kim stated, "The stability of domestic oil prices was made possible in part by the efforts of gas station operators in the field," adding, "I hope that the government, companies, and the public will work together to wisely overcome the crisis triggered by the Middle East."

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