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South Korea Cuts EV Charging Fees on Weekends, Eyes Middle East Oil Deals

South Korea's climate ministry announced a reduction in electric vehicle charging fees by up to 15% during weekend afternoons, supported by a discount on electricity rates for tens of thousands of chargers. The program will be active during the spring and autumn months. Separately, a senior industry official stated that Middle Eastern oil producers are showing growing interest in utilizing South Korea's crude oil storage facilities. This interest is driven by shipment disruptions from regional conflicts affecting key exporters like Saudi Arabia and the UAE.

Key Points: South Korea Discounts EV Charging on Weekends, Attracts Middle East Oil

  • EV charging fees cut up to 15% on weekends
  • Discount applies to home and public chargers
  • Program runs in spring and autumn
  • Middle East eyes S. Korean oil storage
  • Strait of Hormuz disruptions impact exports
2 min read

EV charging fees to be discounted on weekends: S. Korea

South Korea introduces weekend discounts for EV charging and discusses Middle Eastern interest in using its oil storage facilities amid regional conflicts.

"An increasing number of countries want to use South Korea's oil storage facilities. - Yang Gi-uk"

Seoul, April 14

Electric vehicle charging costs will be reduced by up to 15 per cent during afternoon hours on weekends starting this week, the climate ministry said on Tuesday.

The reduction in the charging fees will be supported by a 50 percent rate discount on electricity used at 94,000 private home-use chargers and 13,000 public fast chargers between 11 a.m. and 2 p.m. on weekends and public holidays, according to the Ministry of Climate, Energy and Environment.

This will result in a 12-15 percent reduction in EV charging fees, the ministry noted, adding the discounts will be available from March to May and September to October, reports Yonhap news agency.

Reflecting the lower electricity rates, charging costs for home-use chargers will be reduced by 48.6 won per kilowatt-hour (kWh), while public fast chargers will offer discounts of 48.6 won on Saturdays and 42.7 won on Sundays and public holidays.

"Some private charging operators are also expected to participate in the discount program, and we will encourage further participation by disclosing the list of participating companies," the ministry said.

Meanwhile, major oil-producing countries in the Middle East have shown interest in using South Korea's crude oil storage facilities amid the prolonged conflict in their region, Seoul's senior industry ministry official said on Tuesday.

"An increasing number of countries want to use South Korea's oil storage facilities," said Yang Gi-uk, head of the ministry's office of industry, trade and resource security, noting that interest is particularly growing in utilizing Northeast Asian storage bases.

Yang said Middle Eastern countries are also being hit hard by disruptions in their oil shipments due to the shutdown of the Strait of Hormuz as oil exports account for a significant share of their economies.

"Countries, such as Saudi Arabia, the United Arab Emirates (UAE) and Kuwait, rely heavily on crude oil exports for their national economies," he said.

In addition to Abu Dhabi National Oil Co., the UAE's largest petroleum company that already has a joint oil storage agreement with South Korea, other Middle Eastern producers are also in contact, according to the official.

- IANS

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Reader Comments

P
Priya S
Smart move to encourage off-peak charging. In our cities, public charging stations still have long queues. Hope Indian operators learn and offer weekend discounts too!
R
Rohit P
The oil storage part is more crucial for global stability. With Middle East conflicts, having strategic reserves in safe locations like South Korea (or India) makes sense. Our SPR facilities are an asset.
S
Sarah B
While the EV discount is good, limiting it to specific months (March-May, Sept-Oct) feels a bit restrictive. Should be year-round to have a real impact on consumer behavior.
V
Vikram M
Good to see nations cooperating on energy security. India should also explore such partnerships for both oil storage and clean energy tech. Jai Hind!
K
Karthik V
The discount is nice, but the real challenge is charger availability and reliability. My EV experience in Bangalore is often hampered by broken chargers. Infrastructure first, discounts later.

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