Oil & Gas

05 Jul 2021

Oil Prices in S. Korea Hit 33-Month High

05 Jul 2021  by   

Retail oil prices in South Korea rose for the ninth consecutive week to reach the highest level in nearly three years amid a global oil rally, data showed Sunday.

A driver refills his car at a gas station in Seoul on Sunday, as the nation's average gasoline prices surpassed 1,600 won ($1.40) per liter for the first time since November 2018. (Yonhap)

The average gasoline price nationwide was 1,600.9 won ($1.40) per liter in the fifth week of June, edging up 13.5 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. (KNOC).

The gasoline price surpassed the 1,600 won level for the first time since November 2018.

Diesel prices also gained 13.4 won to 1,398.1 won per liter last week.

The KNOC expected domestic oil prices to advance for a while on surging demand in the United States and reduced inventory level as the world's largest economy is emerging from COVID-19 lockdowns.

The delayed decision on the oil output by the Organization of the Petroleum Exporting Countries and a Russia-led group of producers and prolonged talks on Iran sanctions are also upholding high oil prices, the KNOC said.

Oil prices now trade around $75 a barrel, up more than 40 percent this year, raising concerns over global inflation and slowing economic recovery from the coronavirus crisis.

More News