Gas price hikes to 1,329 won per liter, setting new record

International crude oil prices have risen once again and oil from Dubai, which makes up the majority of oil imports in Korea, has reached its highest price since the Gulf War in 1990.

The domestic oil refinery industry has also decided to raise petroleum prices from September 1, breaking the high price record for three consecutive months.

According to Korea Oil Corporation on Thursday, oil from Dubai at the international spot market recorded 29.07 dollars on Wednesday in the standard of October Indian oil, thus breaking the high price record set in the 1990 Gulf War of 28.93 dollars.

On the other hand, LG-Caltexs Oil announced Thursday that petroleum prices would be raised from September 1 by 30 won per liter to 1,329 won. Consequently, the petroleum price will rise from 1,299 won per liter to set a new record.

LG-Caltex Oil also announced that kerosene and diesel prices would be boosted by 30 won per liter, resulting in lamp oil selling at 590 won per liter, boiler oil at 580 won per liter and diesel at 664 won per liter.

SK, Hyundai and S-oil have also followed LG¡¯s lead, raising the price of oil products to similar standards.