Afraid to Drive Your Car?

Reduce Fuel Expenses by This.

The top two domestic oil refining companies, SK Corporation (#1) and LG-Caltex Oil Corporation (# 2), announce their weekly prices of oil supplied through gas stations on Wednesday and Tuesday evening, respectively. Gas stations will apply these prices starting from midnight.

Accordingly, in times such as recently, with oil prices continuously increasing, it is advantageous to visit gas stations just before the price is raised; Wednesdays in the case of SK gas stations and Tuesdays in the case of LG gas stations.

The fact that prices vary with the location of the gas station must be taken into consideration. Even in Seoul, the prices are lower in the outskirts of the city than in downtown.

Another way is to have membership to oil refining companies and accumulate points on “bonus cards” or use self-service gas stations. If you sign up for membership to oil refining companies, you can receive discounts or gifts according to the amount of points accumulated on your bonus card. By using self-service gas stations, you can save 20 to 30 won per liter.

How fast you drive your car is also an important factor. If you drive at 60 kilometers per hour on the streets and 80 kilometers per hour on the highways, you can save anywhere from 20 to 30 percent of fuel compared to high-speed driving.

It is preferable not to leave objects in your car. When you load 10 kilograms more, your fuel efficiency or gas mileage decreases by three percent.

Area of Jeju and SK Gas Stations are the Most Expensive –

According to the Korea National Oil Corporation, as of the fourth week of March this year, the area with the highest oil price is Jeju. The average price of gasoline (prices at the gas stations) in Jeju is 1,464.13 won per liter, higher than that of Seoul (1,455.87 won). This is 97.78 won per liter more expensive than that of Choongbuk (1,366.35 won), the area with the most inexpensive gasoline.

Supposing you fill your car with 60 liters of gasoline, in Jeju you would need 87,847 won, 5,866 won more than Choongbuk (81,981 won).

In the context of oil refining companies, SK Corporation was the highest at 1,407.62 won per liter of gasoline.

Though Oil Prices Haven’t Increased as Much as International Oil Prices… -

The price of Dubai oil from the Middle East, which accounts for 78 to 79 percent of imported oil, rose from $34.15 per barrel to $47.19 per barrel between December 30 of last year and March 24, a 38.18 percent increase.

However, the domestic price of oil did not increase as much. This is due to the rise in the won-dollar exchange rate (appreciation of the won), which has partially absorbed the increase in the international oil price.

During this period, the price of gasoline sold at gas stations has increased from 1,336.10 won per liter to 1,401.71 won, a mere 4.91 percent increase.

Lee Moon-bae, a researcher at the Korea Energy Economic Institute, said, “Due to the appreciation of the won, the domestic price of oil has increased by a relatively smaller figure, but we must prepare for further increases.”

Jin-Hup Song jinhup@donga.com aryssong@donga.com