Gasoline price on way to record high

Prices of gasoline have reached a record high, and Korean refineries have decided to increase prices on their oil-related products, including gasoline, by 20 to 50 won per liter starting at midnight.

The expected increase will push gasoline prices over 1,300 won per liter for the first time.

SK Corp. has revealed that the increase in international oil prices has necessitated its increase in prices for oil-related products, including a boost of 20 won per liter for gasoline, which would put the price per liter at 1,299 won. SK also revealed a plan to increase prices for petroleum products used in boilers by 50 won, raising the price from 567 won to 654 won per liter. The price of the bunker-C-grade oil will increase by 20 won to 337 won per liter.

Of Korea¡¯s four oil-refineries, one has increased its gasoline price by 28 won from 1,274 won to 1,302 won per liter, making it the only company so far with prices over 1,300 won.

"The international price increase in June has forced us to raise the domestic prices of oil-related products," an industry source said.