HD Hyundai Oilbank will distribute a "high oil price crisis relief fund" to more than 2,100 gas stations across South Korea.
The company announced Friday it will pay out a total of 50 billion won ($35.3 million) to its affiliated stations to ease the financial burden caused by high fuel prices and the government's fuel price cap policy following the outbreak of the US-Iran war, and to maintain a stable petroleum product supply chain.
The support covers stations that have signed petroleum supply contracts with HD Hyundai Oilbank. The eligible period runs from March 13, 2026, when the price cap took effect, through June 30, 2026. The company plans to retroactively pay 30 won per liter on all sales volumes of products subject to the cap during that period, including regular gasoline, diesel and indoor kerosene.
HD Hyundai Oilbank said the initiative is intended to strengthen the operational stability of stations struggling under volatile oil prices and the price cap regime, and to help sustain a reliable supply and retail network for petroleum products. The company also said it plans to actively support the government's cooperative policy direction, contribute to energy supply chain stability and enhance its public credibility.
"We decided to provide this support to put the value of mutual growth into practice with gas stations that are struggling amid growing energy market volatility and the implementation of the price cap," a company official said. "Going forward, we plan to actively cooperate with the government's fuel price stabilization policy and ensure a stable energy supply, grounded in our commitment to growing together with our station partners."
keg@heraldcorp.com
