South Korea: Government Proceeding with Plan for Discount Stations
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Friday, 25 November 2011 |
South Korea’s Ministry of Knowledge has announced a plan to convert 10% of the country’s fuel service stations into discount stations by 2015. The plan is intended challenging the four existing refiners ― SK Energy, GS-Caltex, S-Oil and Hyundai Oilbank – and is to reduce the average price of petrol at the pump by100 won per litre.
The new stations will have self serve pumps and offer no promotional gifts. They will be served by purchasing large quantities of gasoline from refiners at a discount of up to 50 won per litre. The Korea National Oil Corp. and the National Agricultural Cooperative Federation will purchase the fuel via tender. Three of the four refiners have made offers, though the prices quoted have been higher than ministry expectations. The Korea Herald reports that officials are still optimistic about selecting a supplier and, failing that, may import gasoline from abroad.
PetrolWorld 25112011
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