The chaebol refiners were blamed for the price of oil that did not fall despite the government’s oil tax cuts.
The KCTU held a press conference in front of GS Caltex’s headquarters in Yeoksam-dong, Seoul on the morning of the 25th, condemning the chaebol refiners’ extortion and urging the government to introduce a windfall tax.
The KCTU said, “Refiners are making the highest profits in history due to the soaring oil prices. Domestic refiners posted an operating profit of KRW 7 trillion last year, followed by SK Innovation KRW 1.64 trillion and S-Oil KRW 1.3 trillion in the first quarter of this year alone, the KCTU said. 100 billion, GS Caltex 1.81.2 trillion won, Hyundai Oilbank 804.5 billion won, etc. of 4.8 trillion won in operating profit, and the second quarter is expected to be similar to the first quarter.”
The KCTU said, “The reason that refiners have achieved record-breaking profits is because inventory gains from the soaring oil price and refining margins from increased demand have skyrocketed,” the KCTU said. It was because he intercepted and called his own ship.”
“In order to alleviate the suffering of consumers due to the soaring oil price, the government drastically cut the fuel tax and cut the fuel tax by 37% and 182 won, the largest since July. He added, “Oil refiners have reflected an increase in international oil prices in their consumer prices without delay, whereas when oil prices have fallen, they have delayed or only partially reflected the price cuts for various reasons.”
The KCTU also urged the government to introduce a windfall tax.
The Confederation of Trade Unions said, “Many countries, including the UK, Spain, and the United States, have introduced windfall taxes and excess profits tax on the excess profits of refiners to control the profits of refiners and use them as financial resources for stabilizing the lives of the people.” We plan to collect 7 billion euros (9.2 trillion won) from energy companies over the next two years and use them for public housing construction, issuance of free-ride tickets for state-run railways, and additional scholarships. “We are working on a plan to impose an additional 21% tax on the government,” he said.
The KCTU said, “Due to the soaring oil price, not only oil refiners but also seven private power generation companies (GS, SK, POSCO, etc.) recorded an operating profit of 838.7 billion won in the first quarter, exceeding last year’s operating profit. KEPCO, which purchased and supplied electricity from private power companies while they were making a ton of money, recorded the worst performance ever in the first quarter with an operating performance of 7.7 trillion won.”
The KCTU said, “Currently, oil prices soared 40% compared to last year, and this is a major cause of inflation. In particular, workers and farmers who have to operate cargo, parcel delivery, and agricultural machinery are in a situation where they have to run at a loss.” He demanded the government to introduce a windfall tax on companies that have made huge excess profits due to skyrocketing oil prices like the rest of the world and use it as a source of price stabilization.”
At the press conference on this day, the parties in the construction machinery and lorry industry, which are suffering great difficulties and blows due to the surge in oil prices, directly drove their own ready-mixed concrete and large trucks to convey the desperate reality they are facing.
After the press conference, the participants marched around the headquarters of GS Caltex, leading the ready-mixed concrete and large trucks they drove, and finished the schedule.
By Hwang Hae-yoon, staff reporter [email protected]
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