Government to expand incentives including official commendations

Logo of the 'Super Good Gas Station' program [Energy and Oil Market Watch]
Logo of the 'Super Good Gas Station' program [Energy and Oil Market Watch]

SK O'Happy gas station in Cheongju, North Chungcheong Province, and Pyeongdong Jeil gas station in Gwangsan-gu, Gwangju, were named Monday as the first recipients of the "Super Good Gas Station" designation.

The title is awarded by Energy and Oil Market Watch, a civic group, to stations selected five or more times as a "Good Gas Station" — a distinction given every two weeks since the government introduced a maximum fuel price system on March 13.

The Ministry of Trade, Industry and Energy said Minister Kim Jung-kwan visited SK O'Happy in Cheongju on Monday afternoon to thank the station for voluntarily cooperating in stabilizing fuel prices during the Middle East conflict.

There are currently 418 Good Gas Stations nationwide, selling gasoline and diesel at prices roughly 20 won below the national average. The two newly designated Super Good stations posted average prices about 40 won lower for gasoline and around 44 won lower for diesel.

The ministry is working to expand incentives to encourage the spread of both Good Gas Stations and Super Good Gas Stations.

In partnership with Hana Financial Group, the program offers a 0.1 percent cashback benefit at Good Gas Stations and 0.3 percent at Super Good stations, along with 2 million won (about $1,300) per station in facility setup support. The ministry plans to extend the cashback program to other card companies.

Additional measures include fee reductions on quality agreement charges administered by the Korea Petroleum Quality & Distribution Authority and government commendations for Super Good Gas Stations. The ministry also plans to identify further incentives through consultations with related ministries.

Hana Bank President Lee Ho-sung joined the minister on the visit and personally explained the incentives Hana Financial Group is providing.

"Despite the signing of a cease-fire memorandum of understanding between the United States and Iran, concerns about price instability remain," Kim said. "We are asking gas stations to continue cooperating on price stabilization, and the government will keep looking for ways to support the industry."

He added that he hopes "many financial institutions, starting with Hana Financial Group, including card companies, will join in supporting Good Gas Stations."


oskymoon@heraldcorp.com