South Korean Gas Stations Struggling

From NACS Online

The number of gasoline stations in South Korea have plummeted for the fifth year in a row, the Korean Times reports. According to the Korea Oil Station Association, stations have been shutting down because of decreasing margins from the sale of gasoline.

The association put the number of gasoline stations closing at 300 last year, a 41.5% jump from 2012. Gasoline retailers have been going out of business at an increasingly alarming rate, stretching back to 2008 (101 closures), 2009 (109 closures), 2010 (127 closures) and 2012 (219 closures). Also last year, nearly 400 outlets had to temporarily suspend sales of gasoline.

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