More gas stations shutting down in South Korea

Nov 08, 2004 01:00 AM

The Korea Oil Station Association (KOSA) on Nov. 8 announced that 88 gas stations closed in Korea between January and September this year in the wake of prolonged economic slump and protracted high oil price trend.
The number of gas stations in Seoul reduced sharply from 886 at the end of 1996 to 739 at the end of last year and to 729 at the end of last September. Meanwhile, KOSA said there are a total of 111 gas stations laying idle across the nation.

The continued economic slowdown and high price trend of gasoline have significantly worsened profitability of local gas stations, leaving companies with no choice but to abandon the oil station business for their subsistence.
“The decrease in the number of gas stations in Seoul region is more striking because of the higher wage level and land prices," said a KOSA official.

Source: Emirates News Agency
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