Korean businesses are supporting the government's energy conservation measures in response to energy supply uncertainties caused by Middle East conflicts.
According to business circles on the 9th, major Korean conglomerates including Samsung, SK (034730.KS), Hyundai Motor, POSCO, Lotte, Hanwha (000880.KS), and HD Hyundai (267250.KS) are voluntarily implementing a vehicle rationing system based on license plate numbers. Major business associations including the Korea Chamber of Commerce and Industry, Korea Semiconductor Industry Association, and Korea Battery Industry Association are also participating. The vehicle rationing system restricts weekday driving based on the last digit of license plates as an energy conservation measure. Following the government and public sector's decision to strengthen energy conservation policies starting the 8th—including a two-day-per-week vehicle restriction for public institutions and a five-day rationing system for public parking lots—the private sector is following suit.
Each conglomerate is implementing its own energy conservation measures alongside the vehicle rationing system. Samsung is conducting power-saving activities including turning off lights in workplaces, shutting down computers when leaving work, and minimizing standby power for laboratory equipment. SK is working to save energy by turning off lights, adjusting temperatures, and operating elevators on alternate floors. Hyundai Motor has taken measures such as replacing domestic business trips with video conferences and prioritizing eco-friendly vehicles like electric and hydrogen cars for company vehicles.
LG (003550.KS) is also automatically turning off office lights at the end of the workday and operating shuttle buses along major commuting routes to encourage employees to refrain from using personal vehicles. Hanwha is reducing power consumption by regulating the use of personal heating and cooling devices.
Beyond internal corporate measures, efforts are also being made to reduce household fuel costs. The "Energy Plus Hyundai Card," a private-label credit card launched by GS Caltex in partnership with Hyundai Card, saw a 1.7-fold increase in new subscribers last month compared to the previous month.
The card features "automatic lowest price synchronization" technology that analyzes gas station prices within a 5-kilometer radius at the time of fueling and automatically calculates the payment amount at the lowest price level. This eliminates the need to search for cheaper gas stations during periods of high oil prices. The price analysis includes budget gas stations, guaranteeing the market's lowest price.
According to GS Caltex, the average discount per liter nationwide was 92 won in March, a 1.6-fold increase from 59 won in February. In Seoul, the discount was 99 won, showing a greater cost reduction effect compared to 73 won in February.