S-Oil, a latecomer in the refining industry, ranked No. 2 for the first time in nationwide gas station brand share.
According to the Korea Petroleum Quality & Distribution Authority (K-Petro) on the 15th, S-Oil had 2,270 registered gas stations nationwide as of last month, taking second place after SK Energy (2,645).
HD Hyundai Oilbank (2,270) rose to a tie for second place. GS Caltex stayed in fourth with 1,997. As of last month, Korea had a total of 10,646 gas stations.
By brand market share, SK Energy has 24.8%, S-Oil and Hyundai Oilbank have 21.3%, and GS Caltex has 18.8%. This is the first time S-Oil has risen to No. 2 by brand.
S-Oil is a latecomer among the four domestic refiners, entering the gas station business in 2000, the latest. After overtaking GS Caltex in 2022 to rise to third, it has now ranked second for the first time by matching HD Hyundai Oilbank in number.
Analysts say the expansion in share is backed by support from Saudi Arabia's Aramco, the largest shareholder. That is because it can receive a stable supply of Middle Eastern crude from Aramco, the world's No. 1 crude producer.
In fact, S-Oil's share of Middle Eastern crude imports is 94%, much higher than GS Caltex (70%), SK Innovation (65%), and HD Hyundai Oilbank (50%).
S-Oil plans to further secure its domestic distribution network by expanding support not only to agency (company-operated) outlets but also to independent gas station (owner-operated) businesses.