Gas prices have risen two-fold since restrictions lifted

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Gas prices have risen two-fold since restrictions lifted

The price of gasoline sold in Korea has more than doubled since 1997 when the country lifted restrictions on oil prices, industry data showed yesterday. According to the data compiled by the Korea National Oil Corporation (KNOC), the gasoline price at the pump averaged 1,929 won ($1.73) per liter last year, up 130 percent from 838 won in 1997. The price of diesel also skyrocketed over the cited period. A liter (33.8 ounces) of diesel oil was 376 won in 1997 but jumped 364 percent to 1,745 won in 2011.

The KNOC data showed the gasoline price has risen at an annual average of 7.9 percent for the 14-year period, except in 2002, and again in 2009 in the wake of global financial crisis. Yonhap

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