Kim Jeong-gwan Visits Budget Gas Station, Points Out "Price Cap Reflected Too Slowly at Gas Stations"

[Financial News]
"Today marks the fourth day since the fuel price cap was implemented, but it seems that the reduction in supply prices from refiners is being reflected too slowly in consumer prices at gas stations. Once existing inventories are used up and gas station tanks are refilled at lower prices than before, it is only natural that consumer prices should fall."
On the 16th, Minister of Trade, Industry and Resources Kim Jeong-gwan made this point during a visit to Changhyeon Gas Station, an independently operated budget gas station in Cheongju City. He stressed that every effort must be made so that consumers can clearly feel the impact of the price cap when they buy fuel at gas stations.
On this day, Minister Kim reviewed how the fuel price cap has been reflected in consumer prices at gas stations. He first received a briefing from the owner of Changhyeon Gas Station and the head of the Stockpiling Headquarters at Korea National Oil Corporation (KNOC) on changes in supply and consumer prices before and after the cap, as well as shifts in customer traffic. He then observed the process of receiving the first tanker delivery since the cap took effect, in which fuel from the tanker truck is transferred to the station's storage tanks.
Minister Kim stated, "Going forward, we will work to ensure that the price cap is fully reflected in consumer prices through continued monitoring of fuel prices, on-site inspections, and operation of the Oil Price Reporting Center. At the same time, we plan to actively identify exemplary gas stations and provide them with incentives."

aber@fnnews.com Reporter Park Ji-young Reporter