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Gasoline price hits 1739.8 won per liter

Posted February. 28, 2022 08:12,   

Updated February. 28, 2022 08:12


The average gasoline price has risen for six consecutive weeks to hit 1,740 won (about 1.44 U.S. dollars) per liter in Korea. Analysts say that as international oil prices continue to jump in the wake of Russia’s invasion into Ukraine, the oil tax discount by the South Korean government, which was set to terminate end-April, will more likely be extended by another three months.

According to Korea National Oil Corporation’s oil price information service Opinet, the average price of gasoline stood at 1,739.8 won (1.44 dollars) per liter at gas stations nationwide. The figure is up 21.4 won (1.7 cents) from the week earlier, as the gas price has continued to rise for six consecutive weeks. The average price of diesel stood at 1,564.8 won (1.30 dollars) per liter, up 24.3 won (2 cents) from the previous week.

As the international crude price momentarily exceeded 100 dollars per barrel due to Russia’s invasion into Ukraine, the gasoline price will likely continue to gain. Both the North Sea Brent Oil for delivery in April and the West Texas Intermediate futures momentarily surpassed 100 dollars per liter during trading hours on Thursday. The Dubai oil, the benchmark of crude oil imported to Korea, also rose to 95 dollars per liter on average in the fourth week of February. The international oil price is reflected in oil prices at pump in Korea two to three weeks later.

Hee-Chang Park ramblas@donga.com