Gas prices in Gangwon province have continued to soar during the summer holiday season, causing concerns about inflation in the second half of the year. According to the Korea National Oil Corporation’s oil price information system, Opinet, the average selling price of gasoline at gas stations in Gangwon-do has reached 1724.83 won per liter as of 5:00 pm, surpassing the national average of 1720.21 won per liter. This upward trend in prices has been ongoing since October last year, when it was at 1700.04 won per liter. In just ten months, the price has exceeded 1700 won per liter. Similarly, the average selling price of diesel in Gangwon-do has risen to 1574.12 won per liter, surpassing the national average of 1573.73 won per liter. This increase in prices is due to a combination of factors, including the rise in international oil prices and various geopolitical events impacting the oil market. Experts predict that these high oil prices will persist for the foreseeable future.
The potential for further inflationary pressures is adding to the concerns. Factors such as heatwaves and typhoons, along with the expiration of the oil tax cut at the end of this month, may push gasoline prices into the range of 2,000 won per liter. However, the decision to end the oil tax cut or further reduce the rate of reduction is challenging, as it could have significant economic consequences for the general public. Additionally, vegetable prices have also seen a significant increase, with cabbage and radish prices rising by over 160% compared to a month ago, further heightening worries about inflation ahead of Chuseok.
Overall, the rising gas and table prices, coupled with other economic factors, are contributing to growing concerns about inflation in the second half of the year.
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 was 1724.83 won per liter as of 5:00 pm, higher than the national price (won 1720.21 per 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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