Korean petrol outlets under probe

[Scenic98]

will this ever happen to ours? yeah right.....

 

S Korea begins 'wide-ranging' probe of petrol stations on pricing

 

South Korea's antitrust watchdog said Thursday it has opened a

"wide-ranging" probe into alleged price collusion by retail outlets as part of

government's efforts to curb rising retail oil products prices.

"We launched investigations this week into suspected price collusion by

some 200 major petrol stations across the country," the Fair Trade Commission

said. The agency had conducted probes into pricing by oil stations along the

highways in the past, but this is the first time that it is investigating

almost all major retail outlets across the country.

"There is the possibility that petrol stations have rigged prices of

gasoline, diesel, LPG and other fuels," a regulator said.

According to state-run Korea National Oil Corp., the country's average

gasoline prices rose to Won 1,950/liter ($1.6/liter) in September, up from Won

1,290/liter late last year.

Since last May, the country's oil refiners have been obliged to post the

prices of products sold at their retail outlets as well as of those they

supply to independent petrol stations.

The government has also allowed stations to trade oil products from more

than one refiner, a move aimed at boosting competition among refiners so as to

reduce retail prices.

In the past, petrol stations were permitted to sell only one brand of

fuel based on a supply contract with one refiner.

The antitrust agency also said it would strengthen monitoring of the

country's four refiners to prevent possible price collusion, noting that SK

Energy, GS Caltex, S-Oil and Hyundai Oilbank dominated the country's oil

market with a combined 98.5% share.

The agency also called on the government to relax regulations on oil

product imports to ease the oligopoly in the country's oil market. In

response, the government has been working to ease gasoline import rules to

help bring down domestic prices.

The series of moves came after President Lee Myung-Bak ordered his

Cabinet to find out why domestic oil prices remained strong despite the recent

pullback in international crude prices.

The Fair Trade Commission also said it had completed its probe into local

LPG providers and found they had rigged prices for the past six years.

The providers include SK Energy's affiliate SK Gas, GS Caltex, S-Oil and

E1, among others.

"The FTC recently informed the LPG providers of the results of the probe

and plans to impose fines on them next month," the agency said.

 

[Beehive3783]

now this is wat i call action.. unlike some dogs here that only bark...

[So_nice]

dog? i doubt they are fit to be called dog..

[Kwchan]

The series of moves came after President Lee Myung-Bak ordered his

Cabinet to find out why domestic oil prices remained strong despite the recent

pullback in international crude prices.

 

hmmm...wonder if our million dollar ministers see that

[Picanto]

hmmm...wonder if our million dollar ministers see that

 

see but ignore.

[Divespyder]

Our dogs only want to sit back & enjoy collecting the petrol taxes.

[Hamburger]

now this is wat i call action.. unlike some dogs here that only bark...

do not insult them, dogs r man's best fren n so r mine. They r more like pussy to mi tat onli noe how to pick on huat kuei sellers

[ElDiablo]

Hmmm...

[Demodan]

those ppl need to pay for their own petrol meh?

things that dun bother their lifestyle at all, i dun expect them to give 1/2 a hoot about it

Edited September 24, 2009 by Demodan

[Geminik]

Over here when price neva drop and we complain, they juz give u all the mother son reason and juz ignore but when increase price no need any reason. NB!

[Chrispie]

who put them there? so dont complain....

[Picanto]

more than 66% agree that dogs are our best friend.

[Hamburger]

woff ..............woff ......

[Lv3338]

if singapore got such watch dog then singapore got hope liao...

 

we pay multi-million dollar for our top elite...... ... do nice talking..... do a bit wayang....... here and there....... put up some good show.....

suppress opposition thinking.......but cannot perform...... care only about their multi-billion investment compnay...only......

[WTF]

if singapore got such watch dog then singapore got hope liao...

 

we pay multi-million dollar for our top elite...... ... do nice talking..... do a bit wayang....... here and there....... put up some good show.....

suppress opposition thinking.......but cannot perform...... care only about their multi-billion investment compnay...only......

We have such watch dog but it's either they got no bite or they are simply afraid to upset the cartels and decided that there is no valid concern about the prices!

 

CASE is one that I can think of....

[Spurman]

If our petrol watch or govt interferes, pigs will start flying liao

[Joseph22]

If our petrol watch or govt interferes, pigs will start flying liao

 

The last i heard is that Petrolwatch is more of a community club like MCF so they cannot take action lah.

[Picanto]

if singapore got such watch dog then singapore got hope liao...

 

we pay multi-million dollar for our top elite...... ... do nice talking..... do a bit wayang....... here and there....... put up some good show.....

suppress opposition thinking.......but cannot perform...... care only about their multi-billion investment compnay...only......

 

the elites act as their own watchdog.