Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > Fuel runs short at S.Korean petrol stations as top union begins strike alongside truckers
    Top Stories

    Fuel runs short at S.Korean petrol stations as top union begins strike alongside truckers

    Published by Uma Rajagopal

    Posted on December 6, 2022

    4 min read

    Last updated: February 2, 2026

    The image shows signs stating 'Gasoline sold out' at a petrol station in Seoul, highlighting the impact of the truckers' strike on fuel supplies in South Korea.
    Signs at a South Korean petrol station indicate gasoline shortage due to truckers' strike - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Tags:Transportation SectorEconomic Planningpublic policylabor marketfinancial management

    By Ju-min Park and Heekyong Yang

    UIWANG, South Korea (Reuters) -A nationwide strike by South Korean truckers has led nearly 100 petrol stations across the country to run dry, government data show, and a national trade union launched a general strike on Tuesday in support of the drivers.

    The truckers’ strike over a minimum pay programme, which began on Nov. 24, has seen two negotiation sessions between the union and the government, but so far there has been no breakthrough.

    The Korean Confederation of Trade Unions (KCTU) said it held rallies at 15 sites across the country, with about 25,000 unionised workers attending as part of its general strike.

    As supplies of fuel and construction materials run low, the South Korean government has stepped up pressure to end the strike. Last week, the government issued a “start work” order to force 2,500 striking drivers in the cement industry back on the road.

    President Yoon Suk-yeol on Sunday ordered preparations to expand that order to sectors such as oil refining and steelmaking, where additional economic damage is expected.

    The anti-graft Korea Fair Trade Commission (KFTC) said it kicked off an investigation last week to investigate whether the truckers’ union unfairly refused to work. The union is not cooperating with the probe, a KFTC official told Reuters on Tuesday.

    The KCTU, an umbrella union under which the truckers’ union falls, has called the President’s “start work” order the equivalent of martial law and says the government should negotiate.

    At one of its demonstrations near the Uiwang container depot, where striking truckers are camping out, KCTU chief Yang Kyung-soo said the truckers are on the “front lines” of protecting workers’ lives and rights. Leaders of member unions made financial contributions to the ongoing strike by truckers.

    Lee Bong-ju, head of the truckers’ union, said unionised truckers would raise the level of their protest starting Wednesday, without elaborating.

    As of Monday afternoon, nearly 100 petrol stations had run out of fuel. About 60% of them were in Seoul and Gyeonggi province, a densely populated region near the capital, according to Korea National Oil Corp data. That is up from the 21 petrol stations that the industry ministry had said were out of fuel on Nov. 29.

    Amid soaring fuel costs, as many as 25,000 truckers are calling on the government to provide a permanent minimum-pay system known as the “Safe Freight Rate”, which was introduced temporarily in 2020 for a small portion of more than 400,000 truckers.

    In their second strike in less than six months, those truckers are fighting the bitter cold and the government’s narrative that they are well paid “labour aristocracy”.

    Yoon has said the government will not give in to the union’s demands and likened the strike to North Korea’s nuclear threat. The government has said it would extend the current programme for three more years.

    The impact of a general strike is unclear and depends on participation, said KCTU spokesperson Han Sang-jin.

    Another KCTU official said some workers in the service and construction sectors had launched “solidarity strikes”, but did not know how long they would continue.

    “By being here, we are hoping to cheer up our truckers,” Park Dae-ku, an unionised worker at a government-run science museum, told Reuters. Park took a few hours off to join the rally at Uiwang but is not planning to walk out of work.

    The strikes have disrupted South Korea’s supply chain, and cost the country 3.5 trillion won ($2.65 billion) in lost shipments over the first 12 days, the industry ministry said on Tuesday.

    Losses are expected to have grown in several industries, but traffic at ports has improved slightly to 69% of its pre-strike average since the back-to-order was issued, according to the government.

    ($1 = 1,320.8200 won)

    (Reporting by Ju-min Park and Heekyong Yang; Editing by Gerry Doyle)

    Frequently Asked Questions about Fuel runs short at S.Korean petrol stations as top union begins strike alongside truckers

    1What is a minimum pay program?

    A minimum pay program is a policy that ensures workers receive a baseline wage, often aimed at protecting low-income workers and ensuring fair compensation.

    2What is a general strike?

    A general strike is a widespread work stoppage by a significant portion of the workforce, often to protest against policies or conditions affecting workers.

    3What is the role of a trade union?

    A trade union is an organization of workers that aims to protect their rights and interests, negotiate wages, and improve working conditions.

    4What is the Safe Freight Rate?

    The Safe Freight Rate is a minimum pay system for truck drivers in South Korea, intended to ensure fair compensation for their work.

    5What are the economic impacts of strikes?

    Strikes can disrupt supply chains, lead to financial losses for businesses, and affect the overall economy by reducing productivity and increasing costs.

    More from Top Stories

    Explore more articles in the Top Stories category

    Image for Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Image for Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Image for Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Image for Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Image for Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Image for Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Image for Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Image for PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    Image for A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Image for Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Image for Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Image for ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    View All Top Stories Posts
    Previous Top Stories PostAnya Libova joins Apester as UK Managing Director
    Next Top Stories PostU.N. summit aims for global pact to protect nature