Struggling with Gas Price Hikes: Small Business Owners Face Financial Strain
With the recent increase in gas prices starting from August With the recent increase in gas prices starting from August, small business owners in South Korea are feeling the pinch. The rise in gas prices, driven by production cost increases and the financial losses of Korea Gas Corporation, is exacerbating the difficulties faced by many small businesses already grappling with low sales and high operational costs. On August 4th, Jeon Min-jun (53), who runs a hangover soup restaurant in Gwanak-gu, Seoul, expressed his frustration over the gas price hike. He noted, "Compared to before COVID-19, my sales have decreased by 30-40%, but my gas bills are still 1.8 million won every month." In an effort to reduce operating costs, Jeon has shortened business hours and cut down on staff. He added, "I previously raised the price of soju by 1,000 won, and there was a fight with a customer. Raising food prices is not an option." Gas prices for residential use have increased start...