Vacation Season Approaches... Seoul Gasoline Price Countdown to Surpassing 2100 Won

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Gasoline prices in the Seoul area are approaching 2,100 KRW per liter. With diesel prices also hitting record highs, the fuel cost burden on ordinary citizens is growing like a snowball.

According to Korea National Oil Corporation's Opinet, the average gasoline price in Seoul on the 5th was 2,094 KRW per liter, up 1.4 KRW from the previous day.

Considering the speed of the increase of nearly 95 KRW in one month since surpassing the 2,000 KRW mark on the 10th of last month, it is expected to exceed the 2,100 KRW level by mid-month.

The highest ever gasoline price in Seoul was 2,135 KRW, recorded on April 16, 2012.

The nationwide average gasoline price is also rising sharply, reaching 2,027 KRW as of this date.

Diesel prices continue to set new records. The average diesel price in Seoul on this day was 2,073 KRW per liter, maintaining an upward trend for nearly a month.

With international oil prices continuously rising, the possibility of domestic fuel prices falling in the near future seems low. International oil prices are at their highest since early March.

On the 3rd (local time), at the New York Mercantile Exchange in the United States, the July West Texas Intermediate (WTI) crude oil price rose by 2 dollars (1.71%) to $118.87 per barrel compared to the previous day.

Oil prices have risen for six consecutive weeks, increasing by $16.80 during this period. The $118.70 price is the highest since March 9, when it reached $123.70.

The Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ coalition, which includes major non-OPEC oil-producing countries such as Russia, agreed yesterday to increase oil production by 648,000 barrels per day in July and August.

However, the market views this scale of production increase as insufficient to compensate for the reduced oil supply caused by the European Union's (EU) ban on Russian oil imports. Additionally, many OPEC oil-producing countries have been unable to meet their production targets due to equipment shortages over the past few months, which also affects supply.

Brent crude from the UK North Sea also recorded $119.72 per barrel, and Dubai crude from the Middle East reached $112.12 per barrel, maintaining high prices.

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