Global Gasoline Prices Hit Record Highs... From Korea to the United States (Comprehensive)

2,064.59 KRW per Liter
US Gasoline Price Surpasses $5 per Gallon

On the 6th, at a gas station in Seoul where gasoline and diesel prices have been rising for four consecutive weeks, gasoline is being sold at 2,069 KRW per liter and diesel at 1,999 KRW per liter. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Oh Gyumin] Domestic gasoline prices at gas stations have reached an all-time high in 10 years, while gasoline prices worldwide, including in the United States, are also showing record highs.

According to the Korea National Oil Corporation's oil price information site OPINET, as of 4:30 PM on the 11th, the nationwide gasoline retail price was 2,064.59 KRW per liter, up 7.8 KRW from the previous day.

This price surpassed the previous record of 2,062.55 KRW set on April 18, 2012, marking the highest price in about 10 years and 2 months.

The nationwide average retail price of diesel at the same time was 2,063.53 KRW per liter, up 9.16 KRW from the previous day.

Not only in Korea but also worldwide, including the United States, gasoline prices are 'soaring.' According to data compiled by the oil price information company OPIS on the 10th (local time), the average price of unleaded gasoline in the U.S. surpassed $5 per gallon, reported the Wall Street Journal (WSJ). In California, gas prices reached as high as $6.43 per gallon.

This exceeds the forecasts initially made by investment banks. The U.S. investment bank JP Morgan projected in a report last month that retail gasoline prices in the U.S. would reach $6.20 per gallon in August.

Gasoline and diesel prices are being affected by supply and demand difficulties triggered by Russia's invasion of Ukraine. Additionally, as various countries continue sanctions on Russian oil products, the uncertainty in supply and demand has increased further.

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