Gas prices rose 8.9%, diesel up 4.9% since 2006

Vehicle fuel prices surged 8 percent during the first five months of this year ― four times as high as general consumer inflation in the same period, the National Statistical Office said yesterday.
According to the agency, gasoline prices gained 8.9 percent from the end of 2006 to the end of last month. Prices of liquefied petroleum gas for vehicles jumped 7.8 percent, and diesel prices rose 4.9 percent. The increases result mainly from international crude oil hikes. Dubai crude, a benchmark for Korea and other Asian countries, is up around 15 percent this year through May. It had been on a downward trend in the second half of last year but turned upward in January.
Transportation charges also jumped. Subway charges gained 10.9 percent in the first five months of this year. Bus charges added 8.3 percent.
Accordingly, an average urban household’s monthly spending on public transport reached 63,109 won ($68) in the first quarter, up 5 percent from a year earlier. And its monthly spending on its own vehicles, including fuel costs, surged 28 percent over a year earlier to 223,009 won.
The transportation costs of households are expected to expand next month, as the government plans to raise the domestic tax on diesel, lifting the retail price by 35 won, despite consumer complaints.

By Moon So-young Staff Writer [symoon@joongang.co.kr]