SEOUL: South Korea's state-run oil firm, Korea National Oil Corp (KNOC), and National Agricultural Cooperative Federation are jointly seeking gasoline and diesel via tenders to supply petrol stations that undercut pump prices, KNOC said on Monday.
Asia's fourth-largest economy, which depends heavily on oil imports, aims to use such tenders to curb inflation by helping around 1,000 low-cost private and public gas stations sell more cost-competitive fuel than stations run by refiners.
The tenders set to close on June 20, will be finalised in late June for a one-year supply, starting from July, KNOC said in a statement.
National Agricultural Cooperative Federation is seeking refiners to supply a combined 6.29 million barrels a year of gasoline, diesel and kerosene, said a KNOC source with direct knowledge of the matter, although the breakdown of the oil products needed is not yet available.
Through its tenders, KNOC is separately seeking 1.2 million barrels each of gasoline and diesel a year, he said.
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