FTC’s new rule to create more competition

The Fair Trade Commission (FTC), Korea’s antitrust body, introduced new rules to give more freedom for gas stations to sell fuel from more than one supplier. The FTC said the new measures will promote competition among oil refiners and reduce prices at the pump. The FTC will introduce a standard contract between oil refineries and gas stations, predicting that gas prices could fall by 20 won (US$0.02) to 30 won  (US$0.03) per liter as a result. (December 7, 2010)