'2,000 Won per Liter' Soaring Gasoline Prices in Korea... 26% Higher Than Global Average

The scene of a gas station in Seoul on the 23rd

[Asia Economy Reporter Hwang Sumi] South Korea's gasoline prices were found to be about 26% higher than the global average.

According to a Yonhap News report on the 27th, the global average gasoline price released by the oil price information website 'Global Petrol Prices' was $1.33 per liter (L) as of the 21st.

South Korea's gasoline price was 25.9% higher at $1.68 (approximately 1,994 won). It rose by nearly 300 won in about three months from December 13 last year (about 1,702 won).

Among the 170 countries surveyed worldwide, South Korea ranked 42nd highest. In Asia, it was the third most expensive after Hong Kong and Singapore.

Gasoline prices varied significantly by country. Generally, prices were higher in developed countries and relatively cheaper in oil-producing or developing countries.

Major oil-producing countries such as Venezuela and Libya ($0.03), and Iran ($0.05) had gasoline prices below $0.10 (about 120 won) per liter. Russia, the world's third-largest oil producer, was $0.48.

On the other hand, Hong Kong had the highest gasoline price at $2.88. European gasoline prices were also high. Prices were high in the Netherlands ($2.58), Norway ($2.50), Italy ($2.31), and Germany ($2.30). The UK and France also exceeded $2.

Japan and China recorded $1.43 and $1.46 respectively, both more than $0.10 above the global average. The United States, which is concerned about the recent sharp rise in gasoline prices, was recorded at $1.23, $0.10 below the global average.

Meanwhile, following Russia's invasion of Ukraine and the subsequent surge in international oil prices, protests against rising fuel prices have continued in some countries.

In Spain, truck drivers recently blocked highways to protest. Protests also occurred in Italy and Cyprus.

Some countries are responding by lowering fuel taxes to ease the burden of living costs. The UK recently announced a 5 pence per liter (about 80 won) fuel tax cut for one year. Italy also temporarily reduced fuel tax by 5 euro cents per liter (about 336 won).

In South Korea, expanding the fuel tax reduction rate is also under consideration. The government decided to extend the 20% fuel tax reduction, originally scheduled to end next month, by three months. Theoretically, the 20% fuel tax reduction results in a price drop of 164 won per liter of gasoline. The government plans to consider expanding the fuel tax reduction if international oil prices rise more steeply.

This content was produced with the assistance of AI translation services.