Most Popular
-
1
Now is no time to add pressure on businesses: top executives
-
2
CJ CheilJedang to spur overseas growth with new Hungary, US plants
-
3
Seoul to host winter festival from Dec. 13
-
4
Blackpink's solo journeys: Complementary paths, not competition
-
5
Nationwide rail disruptions feared as union plans strike from Dec. 5
-
6
N. Korea, Russia court softer image: From animal diplomacy to tourism
-
7
[Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts
![[Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/21/20241121050099_0.jpg&u=20241121172748)
-
8
Smugglers caught disguising 230 tons of Chinese black beans as diesel exhaust fluid
-
9
Korean Air offers special flights for mileage users
-
10
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
![[Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/21/20241121050099_0.jpg&u=20241121172748)
The government is stepping up pressure on local refiners to lower fuel prices as it recently demanded they disclose their supply prices to individual gas stations.
Industry sources said Wednesday that the Ministry of Knowledge Economy has been analyzing the accounting records of some 180 gas stations in Seoul since last month.
The ministry, citing the necessity to crosscheck the data, also asked refiners to submit their supply prices, the sources said.
Under pressure from the government, local refiners lowered the pump price of motor fuel by 100 won (9 cents) in the three months leading to July.
With the end of fuel discounts last month, fuel prices soared again and the ministry launched the investigation into potential unfair business practices within the industry.
“Why do we have to disclose our trade secrets to the ministry? This is unprecedented,” said an official at a local refiner.
Another official complained that “if this sensitive data is leaked outside the company, it would seriously affect our business activities.”
The ministry, however, fought back against the resistance, claiming that the price disclosure was made in full compliance with law.
“Under a related law, the government is allowed to demand that kind of data from refiners and the data can be made public unless it is revised to affect their business,” said a ministry official.
Industry sources predicted that the relationship between the ministry and local refiners could further sour in coming months.
In late July, Minister Choi Joong-kyung disturbed refiners by hinting that the government could establish “alternative gas stations” or state-run gas stations that sell gasoline at lower prices.
Even though industry watchers criticized the proposal as unrealistic, the growth of fuel prices has eased slightly this week.
According to Opinet, the website run by state-run Korean national Oil Corporation, domestic retail oil price on Tuesday decreased for two consecutive days to 1,952.93 won per liter, down 1.2 won from Monday.
By Lee Ji-yoon (jylee@heraldcorp.com)
Industry sources said Wednesday that the Ministry of Knowledge Economy has been analyzing the accounting records of some 180 gas stations in Seoul since last month.
The ministry, citing the necessity to crosscheck the data, also asked refiners to submit their supply prices, the sources said.
Under pressure from the government, local refiners lowered the pump price of motor fuel by 100 won (9 cents) in the three months leading to July.
With the end of fuel discounts last month, fuel prices soared again and the ministry launched the investigation into potential unfair business practices within the industry.
“Why do we have to disclose our trade secrets to the ministry? This is unprecedented,” said an official at a local refiner.
Another official complained that “if this sensitive data is leaked outside the company, it would seriously affect our business activities.”
The ministry, however, fought back against the resistance, claiming that the price disclosure was made in full compliance with law.
“Under a related law, the government is allowed to demand that kind of data from refiners and the data can be made public unless it is revised to affect their business,” said a ministry official.
Industry sources predicted that the relationship between the ministry and local refiners could further sour in coming months.
In late July, Minister Choi Joong-kyung disturbed refiners by hinting that the government could establish “alternative gas stations” or state-run gas stations that sell gasoline at lower prices.
Even though industry watchers criticized the proposal as unrealistic, the growth of fuel prices has eased slightly this week.
According to Opinet, the website run by state-run Korean national Oil Corporation, domestic retail oil price on Tuesday decreased for two consecutive days to 1,952.93 won per liter, down 1.2 won from Monday.
By Lee Ji-yoon (jylee@heraldcorp.com)
![[Today’s K-pop] Babymonster logs 100m views with ‘Drip’ music video](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=642&simg=/content/image/2024/11/22/20241122050051_0.jpg&u=20241122172213)