Gas Stations Running Out of Fuel Amid Emergency Transport... This Week's Critical Peak

Exhaustion of Gasoline and Diesel Stocks at 88 Gas Stations Nationwide
Critical Peak This Week... Concerns Over Nationwide Sales Suspension

Due to the prolonged strike by the Cargo Solidarity Union, the transportation of petroleum products has been blocked, causing a surge in gas stations running out of fuel nationwide. On the 4th, a notice of gasoline shortage was posted at a gas station in Seoul city./Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Oh Hyung-gil] The cargo union's transportation refusal crisis has triggered red alerts on fuel inventories at gas stations nationwide. Although the number of gas stations experiencing shortages of certain products is gradually increasing across the country, concerns are rising that the situation could escalate exponentially after this week.

According to the oil refining industry on the 5th, the four major oil companies are conducting emergency deliveries to gas stations that have reported depleted inventories. However, since they can only use gas station tank lorries (fuel trucks) or vehicles not participating in the transportation refusal, the volume of deliveries remains extremely limited.

According to Korea National Oil Corporation's fuel price information service Opinet, as of the afternoon of the 4th, there are a total of 88 gas stations nationwide?including 73 out of gasoline, 10 out of diesel, and 5 out of both gasoline and diesel?that have run out of fuel in Seoul, Incheon, Gyeonggi, and other regions. This is nearly double the number compared to the previous day.

In Seoul alone, 34 gas stations have experienced shortages, and some gas stations have been forced to close temporarily due to the inability to receive product supplies.

The oil refining industry expects that if the number of gas stations running out of inventory increases further, immediate responses will become difficult.

An oil company official said, "Smaller gas stations with smaller storage tanks are running out of stock faster," adding, "There is no alternative at the moment other than mobilizing all available vehicles for transportation."

Since most gas stations usually keep about one to two weeks' worth of sales in inventory, the shortage crisis is expected to reach its peak this week. In the worst-case scenario, a nationwide sales suspension could occur around this weekend.

In particular, concerns are growing that consumers engaging in 'panic buying' could accelerate inventory depletion as news spreads about the declining fuel stocks at gas stations.

Although the government is expected to soon issue work commencement orders for industries affected by transportation disruptions, such as oil refining and steel, it is currently insufficient to prevent inventory depletion.

A representative from the Korea Petroleum Association said, "Since the transportation refusal has entered its second week, most gas stations could run out of stock by this weekend," and added, "Strong public authority measures should be taken to address on-site difficulties by cracking down on actions that obstruct product shipments."