Concerns Rise Over Rising Gasoline and Diesel Prices in Gangwon
Gangwon residents are feeling the pinch as gasoline and diesel prices continue to soar during the peak summer holiday season. These escalating fuel costs are raising concerns about inflation in the second half of the year.
According to the Korea National Oil Corporation’s oil price information system Opinet, as of 5:00 pm on the 13th, the average selling price of gasoline in Gangwon-do was 1724.83 won per liter, surpassing the national average of 1720.21 won per liter. This upward trend in prices has been ongoing since October 2nd of last year when the price was at 1700.04 won per liter, marking a ten-month continuous increase. During the second week of August, the average selling price of gasoline in Gangwon-do was 1699.33 won per liter, reflecting a significant jump of 118.02 won within a month. Diesel prices in the region followed a similar trajectory, reaching 1574.12 won per liter, surpassing the national average of 1573.73 won per liter. Since May 15th, diesel prices have been on the rise, maintaining a range of 1500 won for the first time in approximately three months.
Economists predict that high oil prices will persist for the foreseeable future. This is evidenced by the recent increase in international oil prices due to several factors, including the US Energy Information Administration’s (EIA) upward revision of oil price forecasts, weekly reductions in petroleum product inventories, Ukraine’s attacks on Russian tankers, and OPEC production cuts.
An official from the Korea Petroleum Association stated, “Domestic fuel prices are inevitably following the upward trend of international petroleum product prices.”
As oil prices continue to surge, concerns about inflation in the second half of the year are mounting. Other factors, such as heatwaves and typhoons, further contribute to the rising table prices. If the oil tax cut, set to expire at the end of this month, is not extended, gasoline prices could potentially breach the 2,000 won per liter mark. Nevertheless, considering the importance of price stability and the economic burden on people’s livelihoods, discontinuing the oil tax cut or reducing the rate of reduction poses a significant challenge. Additionally, due to the adverse effects of heavy rainfall and heatwaves, the prices of vegetables like cabbage and radish have surged over 160% compared to a month ago, heightening concerns of additional inflation ahead of Chuseok. (Reporting by Seonwoo Hwang)
▲ gas station[강원도민일보 자료사진]
Latest news = As gasoline and diesel prices in Gangwon continue to rise during the summer holiday season (page 1 of August 10), concerns about inflation in the second half of the year are growing.
On the 13th, the Korea National Oil Corporation’s oil price information system Opinet showed that the average selling price of gasoline at gas stations in Gangwon-do as of 5:00 pm was 1724.83 won per liter, higher than the national price (1720.21 won per liter ) liter). Since 2 October last year (1700.04 won per litre), it has continued to rise, surpassing 1700 won per liter in 10 months. In the second week of August, the average selling price of gasoline at gas stations in Gangwon-do was 1699.33 won per liter, up 118.02 won in one month. The selling price of diesel was also higher at 1574.12 won per liter at the same time, surpassing the national price (1573.73 won per liter) and becoming more expensive. Since May 15th (1503.92 won per litre), it has been rising while maintaining the range of 1500 won for the first time in about three months.
Oil prices are expected to remain high for some time. International oil prices rose this week, influenced by the US Energy Information Administration’s (EIA) upgrade in oil price forecasts and weekly reductions in petroleum product inventories, Ukraine’s attacks on Russian tankers and OPEC production cuts.
An official from the Korea Petroleum Association explained, “Domestic selling prices continue to rise in line with the increase in international petroleum product prices.
Concerns about inflation in the second half of the year are increasing as oil prices rise again and table prices are also on the rise due to new variables such as heat waves and typhoons. In particular, if the oil tax cut, which is due to expire at the end of this month, is not extended, gasoline prices could enter the 2,000 won per liter range. However, considering the stability of prices and the economic burden of people’s livelihood, it is burdensome to end the oil tax cut or reduce the rate of reduction. In addition, due to the effects of heavy rain and heat waves, vegetables such as cabbage and radish have risen by more than 160% compared to a month ago, raising concerns about additional inflation ahead of Chuseok. Seonwoo Hwang
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