In response to a sudden increase in diesel prices by some discount gas stations amidst rising oil prices, the Korea National Oil Corporation has issued a public apology and announced plans for improvements.
Following the recent military actions between the US, Israel, and Iran, the international oil market has seen a significant surge, prompting some discount gas stations in South Korea to excessively raise their prices. In light of this situation, the Korea National Oil Corporation (KNOC) publicly apologized, emphasizing their responsibility to alleviate citizens' fuel costs and stabilize the domestic oil product market. KNOC President Son Joo-seok expressed regret for the rapid price hikes that have disappointed the public, particularly concerning one station that raised its diesel price by 606 won in a single day, ranking first in price increase nationwide.
The discount gas stations, which are intended to offer prices lower than regular stations, faced public scrutiny after reports of price hikes emerged. The Ministry of Trade, Industry and Energy responded by warning KNOC and demanding measures to prevent recurrence. Minister Kim Jeong-kwan expressed dismay that such price increases occurred at stations meant to set an exemplary standard. In order to maintain public trust, the government committed to taking responsible actions. This prompted a nationwide survey of all discount gas stations regarding their gasoline and diesel price fluctuations since the end of last month.
In response to these violations, KNOC has decided to overhaul the management system of discount gas stations to prevent similar cases in the future. Among the 1,319 discount gas stations across the nation, KNOC directly manages 395. While station owners maintain autonomy in setting prices, KNOC acknowledged its responsibility to manage effectively and ensure compliance with fair pricing to protect consumer interests.
