Hyundai Oilbank, GS Caltex win thrift gas station bidding

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Hyundai Oilbank, GS Caltex win thrift gas station bidding

Hyundai Oilbank and GS Caltex won an open bid to supply diesel to the quasi-public thrift gas stations nationwide.

The so-called “altteul” gas stations - 1,100 locations are on highways and rural areas nationwide - are jointly owned and operated by the Korea National Oil Corporation (KNOC) and the National Agricultural Cooperative Federation (Nonghyup). They sell gas at a slightly cheaper price than privately-owned gas stations.

The two owners on Tuesday evening announced that Hyundai Oilbank and GS Caltex will be supplying diesel starting in September for two years. A supplier for gasoline was also supposed to be announced, but the tender offer failed as only one refiner applied.

Altteul gas stations are supposed to stabilize oil prices and offer cheaper products to consumers. Altteul gas stations were started by the Lee Myung-bak administration in 2011. According to the Ministry of Land, Infrastructure and Transport, the price of gasoline per liter was 57 won ($0.05) cheaper at Altteul gas stations compared to regular gas stations late last year.

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