Pump Prices Soar to New High

      October 18, 2021 13:17

      Gasoline prices have surpassed W1,700 a liter for the first time in seven years at filling stations across the country (US$1=W1,184).

      According to the Korea National Oil Corporation, the average pump price nationwide stood at W1,709.2 per liter on Oct. 15, the highest since December 2014.

      It has risen since the fourth week of September, with the increase getting steeper week by week. Pump prices were the highest in Seoul at W1,772.5 on average last week, up W25.9 from the previous week.

      A woman fills up her car at a gas station in Seoul on Sunday.

      Diesel has also gone up, with the average price, rising W29.2 to W1,483.6 over the week period.

      The reason is soaring international oil prices amid energy supply shortages and U.S. reduction in crude oil production. The average price of Dubai crude, which comprises the bulk of Korea's imports, jumped to $82.99 a barrel last week, up almost double on-year.

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