Prices at pump rise for 10th consecutive week

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Prices at pump rise for 10th consecutive week

Prices of gasoline at the pump in Korea continued to rise for the 10th consecutive week last week, hitting their highest level in almost five months, data showed Sunday.

Gasoline prices at gas stations across the country averaged 1,441.02 won ($1.24) per liter last week, the highest since the second week of December, when the corresponding figure was 1,451.73 won, according to the data provided by the Korea National Oil Corp. (KNOC).

This marked the 10th straight week that gasoline prices have logged on-week gains.

Diesel prices averaged at 1,328.99 won per liter last week, also touching their highest point since the second week of December, raising concerns that higher fuel costs could put an additional burden on the country’s motorists.

Retail fuel prices will further build up next month as a temporary fuel tax cut is scheduled to be phased out.

In April, the government said it would extend a tax cut on fuel products until the end of August in a move to ease the burden of small businesses and ordinary people.

Yonhap

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