Korean Gas Prices Break 1,500 Won Mark

Gasoline and diesel prices are soaring in Korea as international oil prices rise.

Gasoline prices in Seoul reached its second-highest level ever, and the national average price per liter exceeded 1,500 won for the first time in six months. Diesel prices also reached a record high.

According to the Korea National Oil Corporation, the national average gasoline price per liter hit 1,509.49 won last week, exceeding the 1,500 won line for the first time since it reached 1,509.14 won in the fourth week of October last year.

Gasoline in Seoul, in particular, was sold at 1,566.48 won per liter, which is the second highest price ever, following 1,575.45 won in the second week of September last year.

Diesel prices also rose for seven consecutive weeks, reaching a record high price of 1,216.48 won per liter, exceeding the highest price of 1,200.43 won per liter in the second week of September last year.

The WTI spot price in the international oil market on Friday went up by $2.17, reaching a new high of $73.85 a barrel.

WTI June delivery traded on NYMEX, in particular, recorded $75.17 on Friday, up by $3.22 from the day before, which for the first time exceeded $75 a barrel.

Brent oil spot price also continued to reach a new high, up $0.88 to $74.18 a barrel.

Meanwhile, the Dubai oil spot price went down by $1.08 from the previous day, recording $65.79 per barrel.

Hyun-Jin Park witness@donga.com