Gasoline Prices Keep Soaring
19 July, 2021
Gasoline prices across the country have risen for 11 weeks, surpassing W1,700 a liter for the first time in almost three years at filling stations in Seoul (US$1=W1,143).
According to the Korea National Oil Corporation on Sunday, the average gasoline price nationwide stood at W1,628.1 per liter last week, up W13.1 from the previous week and the highest since early November 2018.
Prices at the pump were naturally the highest in Seoul at W1,710.2 on average, up W13.6. In Daegu, which usually has the cheapest fuel, they rose W14.7 to W1,608.9.
The reason is that international oil prices are skyrocketing amid hopes of an economic recovery. The average price of Dubai crude, which comprises the bulk of Korea's imports, soared to US$73.7 a barrel last week.
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