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Oil Prices Fall for Sixth Straight Day

Posted July. 24, 2008 09:09,   


The prices of gas and diesel oil sold at gas stations yesterday fell for sixth straight day.

Consumption of petroleum products decreased 3.9 percent from a year ago in the first half, the biggest drop since 15 percent in 1998.

Opinet, a Web site providing data on oil prices under the Korea National Oil Corp., the average gas price soared to 1,950.02 won per liter July 16 but dropped for sixth straight day to reach 1,941.85 won Tuesday.

The price of diesel oil also decreased from 1,945.75 won per liter to 1,937.70 won over the same period.

Given the sharp drop in international oil prices last week, those of gas and diesel oil in Korea are expected to fall more sharply.

The Knowledge Economy Ministry said consumption of petroleum products in the first half reached 384.27 million barrels, and that the figure last month fell 6.5 percent year-on-year to 57.45 million barrels.

By product, the consumption of diesel oil fell 6.9 percent in the first half due to surging diesel oil prices and a strike at the Korea Cargo Workers Union. Diesel oil consumption also plunged 25.8 percent from June last year.

Gas consumption, however, increased 0.2 percent year-on-year as more Koreans drove gas-powered vehicles in the first half. Nevertheless, gas consumption per vehicle has decreased since November last year.

Gas consumption per vehicle fell 2.1 percent between November last year and last month.