Gasoline Prices Keep Plummeting

      September 25, 2014 10:52

      Gasoline is cheaper in Korean filling stations than at any time in the last 44 months. The Korea National Oil Corporation said regular gasoline cost W1,806.23 (US$1=W1,039) on average as of Wednesday afternoon, the lowest level since January 2011.

      Gasoline prices soared to W2,062.55 on April 18, 2012 but have hovered in the W1,800 range since October of last year.

      At many gas stations across the nation gasoline is sold at below W1,800 per liter. Prices are lowest in Daegu (W1,775.92), followed by Ulsan (W1,788.95), North Gyeongsang Province (W1,790.14), Jeju Island (W1,791) and North Jeolla Province (W1,792.95).

      In Seoul, prices average W1,898.97.

      The main reason is the drop in international oil prices. The price of Dubai crude oil peaked at US$104 per barrel in January this year but fell to $95.92 on Monday.

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