Gas Prices Likely to Rise in June

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Gas Prices Likely to Rise in June

The prices of petroleum products are likely to rise 10 to 20 won per litre in June.
The Ministry of Finance and Economy (MOFE) released a report titled, 'The future price of international crude oil and its influence on domestic consumer prices' on May 9.
According to the report, the price of Dubai crude petroleum, which accounts for much of imported oil to Korea, rose to 16.67 dollars a barrel as of May 5. The price is up 4.5 dollars a barrel from last year's average of 12.20 dollars.
MOFE forecasted that the prices of domestic oil products will inevitably rise if the price of internatinal crude oil maintains a price level of 16 dollars a barrel as it does now. As a result, consumer prices are estimated to go up 0.07 to 0.14 percentage points.
MOFE stated that domestic oil products continue to increase in price because the Organization of Petroleum Exporting Countries (OPEC) had earlier agreed to lower production levels of crude oil.
Jangsoo Seo:jsbee@joongang.co.kr
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