Gas Prices in Korea Rising
Oil prices in Korea are showing an upward trend due to the recent decision of oil producing countries to reduce oil production.According to the Ministry of Commerce, Industry and Energy (MOCIE), on March 18, because the price of oil from Dubai, U.A.E. and other Middle East countries rose by as much three dollars per barrel since the beginning of this month, the price of gasoline in Korea will rise by 40 won per litre.
As of now, the price of gasoline in Korea is about 1,174 won per litre, kerosene is at 375~425 and light oil is at 457 won.
Oil refining companies judge that if the price of oil in the international market rises more, inevitably a price increase will occur in the domestic market.
Hyeong Ki Kim: myriad@joongang.co.kr
with the Korea JoongAng Daily
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