HD Hyundai Oil Bank will reduce the supply price of diesel fuel by 50 won per liter to support essential drivers. Following SK Energy's announcement of a similar 50 won discount along with the abolition of the post-settlement system, HD Hyundai Oil Bank is also participating in the cooperative agreement, indicating a broader trend of support within the refining industry.
According to industry sources, HD Hyundai Oil Bank decided to implement a 50 won discount on the supply price of diesel, which is predominantly used by essential drivers, starting June 23.
A representative from HD Hyundai Oil Bank stated, "We have decided to reduce the supply price of diesel by 50 won to actively participate in the spirit of the cooperative agreement aimed at supporting essential drivers."
Previously, SK Energy introduced a new pricing policy that includes a system for advance notification of supply prices to gas stations one week in advance and the elimination of the existing post-settlement system. Alongside this, they proposed a 50 won discount on diesel prices for essential transportation operators at SK gas stations.
As the supply price from refiners decreases, there is a strong likelihood that retail diesel prices at gas stations will also face downward pressure. However, the final retail price may vary depending on individual gas stations' inventory levels, profit margins, and regional competition conditions.
In this context, GS Caltex and S-Oil have yet to finalize specific measures for participation. Both companies stated, "We are currently reviewing follow-up actions related to the cooperative agreement."
Meanwhile, the reduction in supply prices by refiners is raising concerns among gas stations about inventory burdens and shrinking profit margins. A representative from a gas station company remarked, "Since both companies have lowered the diesel supply price, it is necessary for other companies that have not yet participated to quickly consider reducing their supply prices, taking into account fairness and market competition."
* This article has been translated by AI.
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