SK energy CI
SK energy said Sunday it will provide up to 20 billion won ($13.8 million) per month in emergency financial support to roughly 2,500 independently operated SK-branded gas stations nationwide as high oil prices continue to squeeze profitability across the retail fuel sector.
The support program excludes company-owned stations and comes after about 80 gas stations suspended operations or shut down entirely over the past two months, according to the company.
SK energy said the assistance will be distributed through a combination of sales-linked and fixed payments, with part of the support expected to be provided through government-backed Onnuri gift certificates.
South Korean gas stations have faced mounting financial pressure as rising fuel prices intensified competition among retailers already operating on thin margins. Industry officials said most gas stations generate operating margins of only around 1 percent.
Higher oil prices also increase the risk of inventory valuation losses while weakening consumer spending on fuel, further eroding profitability for station operators.
The first round of support payments is expected to be delivered as early as May following internal reviews, SK energy said.
The assistance program will retroactively cover losses incurred after midnight on March 13, when the government’s first fuel price cap measure took effect, and will remain in place until the policy is lifted.
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