Gasoline Prices Soar Amid Global Oil Price Spike

Gasoline prices in Korea are at their highest in seven years.

According to the Korea National Oil Corporation, on Tuesday the average price of gasoline at gas stations nationwide stood at W1,845.61 per liter, the highest level since September 2014 (US$1=W1,234).

Following the invasion of Ukraine by Russia, global oil prices are also at their highest level since July 2008.

The Ukraine crisis is expected to have a big impact on companies here because Russia is the source of almost a quarter of Korea's supply of naphtha, one of the main raw materials in the petrochemical industry. Korea also relies heavily on Russian crude oil.