“Strict Action Against Illegal Activities Exploiting Market Instability”
Chunshik Choi, Chairman of the Korea Petroleum Management Service (second from the left), is inspecting a gas station in Gyeonggi Province on the 28th to stabilize oil prices and establish order in the petroleum market. Korea Petroleum Management Service.
The Korea Petroleum Management Institute has launched on-site inspections of gas stations in Seoul and Gyeonggi Province in response to market instability factors such as international oil price fluctuations caused by heightened tensions in the Middle East.
The institute announced that on July 28, it inspected gas stations in Seoul and Gyeonggi Province for petroleum product quality and quantity, compliance with the Petroleum Business Act, and also collected feedback from the field.
This inspection was conducted to ensure the stable supply of petroleum products and to maintain sound distribution order amid the recent expansion of international oil price volatility driven by instability in the Middle East.
Chunshik Choi, Chairman of the Korea Petroleum Management Institute, emphasized to gas station officials on-site that, given the ongoing uncertainty in international affairs, voluntary efforts by petroleum businesses to stabilize prices and maintain sound distribution order are key to market stability. He also urged them to proactively participate in fostering an atmosphere of price stability to help reduce the public’s burden.
Chairman Choi stated, “The Korea Petroleum Management Institute will continuously expand site-oriented inspections and respond strictly to illegal activities taking advantage of market instability. We will do our best to create a fair petroleum distribution market that the public can trust.”
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