Pump price for premium gas hits a record high

A driver pumps gas into her car at a station in central Seoul yesterday as the price of a liter of premium gasoline hit a record of 2,359 won per liter. [NEWSIS]

Car owners are feeling the pinch as pump prices across the country continue to rise as tension in the Middle East pushes up prices of crude oil on the international market.

Premium gasoline prices for high-end vehicles including sports cars have been setting record prices.

According to Opinet, the average price of premium gasoline hit a new record yesterday of 2,219.20 won ($1.96) per liter, up 3 won from the previous day. Individual stations had even higher prices.

Last October, premium gas hit a record price of 2,213.55 won per liter before dropping.

The average price of gas has hit 1,984.44 won per liter, just 9 won shy of a record set last Oct. 31 of 1,993.17 won per liter.

Opinet is an energy price information Web site operated by the Korea National Oil Corp.

The state-run energy company said the price rises were due to several factors including the deepening confrontation between Western countries and Iran, the depreciation of the dollar and the exceptional cold in Europe.

On Wednesday, Dubai crude closed $1.18 more than the previous day to reach $116.43 per barrel in Singapore. Dubai crude accounts for 80 percent of Korea’s oil imports.

KNOC projected that the upswing in domestic energy prices will likely continue.

By Lee Ho-jeong [ojlee82@joongang.co.kr]