This week, as the price of gasoline at gas stations in Korea rose and the price of diesel fell, the price gap, which was once above 230, narrowed to about 80 won.
According to the Korea National Oil Corporation’s oil price information system ‘Opinet’, the average selling price of gasoline at gas stations nationwide, which fell slightly last week, was 1,567.4 won per liter in the fourth week of January, up 7.2 and earned from the previous week.
The average selling price of diesel this week was 1,652.2 won per litre, down 10.4 won from the previous week, showing a downward trend for the 10th week on a weekly basis.
The ‘price inversion’ phenomenon, where diesel is more expensive than petrol, continues, but the price gap, which had been over 230 won at the start of last month, has now narrowed to 79.32 won win
The price gap is reducing because from January 1 this year, the oil tax reduction on gasoline was reduced from 37% to 25%, but the diesel oil tax reduction was maintained at 37%.
This week, international oil prices are on the rise due to the prospect of the Organization of the Petroleum Exporting Countries (OPEC) maintaining production cuts and increasing tensions over the Russian oil embargo.
The average price of Dubai oil this week, the standard for imported crude oil, recorded $83.4 a barrel, up $0.7 from the previous week.
The Korea Petroleum Association explained, “International gasoline and diesel prices have risen for four consecutive weeks.”
YTN Lee Seung-yoon (risungyoon@ytn.co.kr)
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