February 06, 2015 11:12
Pump prices are edging up already in some areas of the country following three consecutive days of increases in the price of Dubai crude oil, which accounts for 80 percent of Korea's oil imports.
The Korea National Oil Corporation said the average gasoline price as of Thursday afternoon stood at W1,409.7 per liter, down W0.4 compared to the previous day, but it rose in Seoul, surrounding Gyeonggi Province, Daegu, Daejeon, Gwangju and Jeju Island.
In fact, the number of gas stations selling gasoline at W1,200 per liter declined by 27 over the past four days.
The increase mysteriously responds much faster to global prices than the decrease.
Domestic refineries have already hiked the price of gasoline supplied to gas stations by W3 per liter this week. If the price of Dubai crude does not fall further, pump prices are expected rise more than W30 per liter next week.
The Dubai crude spot price rose US$2.01 per barrel on Wednesday to $54.72. Dubai crude has surged 20 percent so far this month.
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