In line with the government policy to promote competition in the petroleum
market and thus to establish fair and orderly trading in the market,
the KRX launched the web-based e-Commerce petroleum market in March 2012.
The KRX petroleum market is an Internet-based open market where refiners and gas stations can trade petroleum products easily. The prices in the KRX petroleum market are formed in a fair and transparent manner through competition among market participants, just like stocks and derivatives.
Structure of KRX e-Commerce Petroleum Market
Expected Benefits of KRX e-Commerce
Benefits from Using KRX e-Commerce
Tax deduction of 0.1% of the selling amount via e-commerce (Article 104-25 of the Restriction of Special Taxation Act)
Stable supply for a large number of buyers (Reduced selling & administrative expenses)
Improvement in liquidity due to cash settlement
Tax deduction of 0.2% for the buying amount via e-commerce (Article 104-25 of the Restriction of Special Taxation Act)
A buyer can buy whatever quantity he/she wants at a lower price through price competition.
A buyer can secure a stable amount of quantity due to the increased certainty of delivery.
(When a product is not duly delivered, the buyer receives the good faith money made by the seller.)