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Soaring international oil prices have pushed up local gasoline and diesel prices, as well as city gas and electricity fees. The price of Dubai crude oil jumped to US$63.9 (US$1=W929) per barrel in April from $61.5 last year due to political instability in the Middle East and a shortage of oil reserves in the U.S., the worldĄŻs largest oil consumer.
The Korea National Oil Corporation said Sunday that the price of unleaded gasoline rose W11.58 to W1524.79 per liter in the fourth week of April, the highest since last September when the price reached W1,532.45.
Gasoline and diesel prices have climbed for an 11th straight week since the second week of February. In Seoul, gasoline prices neared the W1,600 mark by surging to W1593.2 and the consumer price of automobile diesel went up W10.28 to W1232.54.
The Korea Gas Corporation will raise the wholesale price of city gas by 4.7 percent from W487.74 to W510.45 per cubic meter from May 1. As a result, the consumer price of city gas will surge 4.2 percent, from W535.56 to W558.27.
Industry insiders predict that oil prices will continue to rise for the time being, as the Middle East turmoil is unlikely to be resolved in the near future and speculative funds have been investing in the oil market.
(englishnews@chosun.com )
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