The price of gasoline in Korea has more than doubled since 1997, when curbs on retail oil prices were lifted.

According to data by the Korea National Oil Corporation, gasoline prices at the pump averaged W1,929 (US$1=W1,119) per liter last year, up from W838 in 1997. The price of diesel surged more than four-fold to W1,745 over the same period.

Market insiders said a global oil price hike is largely to blame for the higher gas prices, which are expected to remain volatile for the foreseeable future.