Seoul Gasoline Price Surpasses 2,000 Won per Liter for the First Time in 8 Years and 6 Months
[Asia Economy Reporter Ryu Tae-min] Due to the surge in international oil prices caused by Russia's invasion of Ukraine and other factors, the average gasoline price in Seoul has exceeded 2,000 KRW per liter. The nationwide average price is also showing a steep upward trend, surpassing 1,900 KRW per liter and is expected to soon break 2,000 KRW.
According to the Korea National Oil Corporation's oil price information site OPINET, as of 4:40 PM on the 11th, the average gasoline price in Seoul was 2,020.2 KRW per liter, an increase of 34.0 KRW compared to the previous day. This is the first time in 8 years and 6 months since the second week of September 2013 (2,006.7 KRW) that Seoul's average gasoline price has reached the 2,000 KRW range.
The nationwide average gasoline price recorded 1,938.9 KRW per liter, up 25.2 KRW from the previous day. The nationwide average price surpassed 1,900 KRW per liter the day before, marking the first time in about 8 years and 5 months since the third week of October 2013.
This year, due to geopolitical variables such as concerns over Russia's invasion of Ukraine, international oil prices have surged sharply, causing domestic oil prices to rise in tandem.
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Although the government has decided to extend the 20% fuel tax reduction and the 0% tariff on liquefied natural gas (LNG) allocation, which were scheduled to end at the end of next month, for an additional three months, some voices are calling for stronger measures. Considering the pressure on the cost of living for ordinary citizens, there are calls to expand the fuel tax reduction rate to 30%. To raise the cap to 30%, the current Transportation, Energy, and Environment Tax (Transportation Tax) Act must be amended. According to the Korea Petroleum Association, expanding the fuel tax reduction from 20% to 30% is expected to result in an additional reduction effect of 141 KRW per liter.
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