Seoul, April 14 (IANS) Electric vehicle (EV) charging costs will be reduced by up to 15 per cent during afternoon hours on weekends starting this week, the climate ministry said on Tuesday.

The reduction in the charging fees will be supported by a 50 percent rate discount on electricity used at 94,000 private home-use chargers and 13,000 public fast chargers between 11 a.m. and 2 p.m. on weekends and public holidays, according to the Ministry of Climate, Energy and Environment.

This will result in a 12-15 percent reduction in EV charging fees, the ministry noted, adding the discounts will be available from March to May and September to October, reports Yonhap news agency.

Reflecting the lower electricity rates, charging costs for home-use chargers will be reduced by 48.6 won per kilowatt-hour (kWh), while public fast chargers will offer discounts of 48.6 won on Saturdays and 42.7 won on Sundays and public holidays.

“Some private charging operators are also expected to participate in the discount program, and we will encourage further participation by disclosing the list of participating companies,” the ministry said.

Meanwhile, major oil-producing countries in the Middle East have shown interest in using South Korea’s crude oil storage facilities amid the prolonged conflict in their region, Seoul’s senior industry ministry official said on Tuesday.

“An increasing number of countries want to use South Korea’s oil storage facilities,” said Yang Gi-uk, head of the ministry’s office of industry, trade and resource security, noting that interest is particularly growing in utilizing Northeast Asian storage bases.

Yang said Middle Eastern countries are also being hit hard by disruptions in their oil shipments due to the shutdown of the Strait of Hormuz as oil exports account for a significant share of their economies.

“Countries, such as Saudi Arabia, the United Arab Emirates (UAE) and Kuwait, rely heavily on crude oil exports for their national economies,” he said.

In addition to Abu Dhabi National Oil Co., the UAE’s largest petroleum company that already has a joint oil storage agreement with South Korea, other Middle Eastern producers are also in contact, according to the official.

–IANS

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