International oil prices hit highest since November last year... Domestic gasoline up 200 won in two months

As international oil prices surpassed $90, domestic consumer fuel prices have also been steadily rising. At the Seoul Mannam Square gas station on the Gyeongbu Line, known for its affordable prices, many customer vehicles lined up early in the morning on the 15th. Photo by Huh Younghan younghan@

As international oil prices surpassed $90 per barrel for the first time since November last year, the average domestic gasoline price also reached 1,765 KRW per liter. This marks an increase of nearly 200 KRW per liter over two months.

On the 14th (local time) at the New York Mercantile Exchange, the October delivery price of West Texas Intermediate (WTI) crude oil closed at $90.16 per barrel, up $1.64 (1.85%) from the previous session. This is the first time since November last year that oil prices have exceeded $90 per barrel. At the London ICE Exchange, the November Brent crude oil price also closed at $93.70 per barrel, up $1.82 (2%). This is the highest level since November 15 of last year.

Earlier, the International Energy Agency (IEA) forecasted a significant shortage in global oil supply in the fourth quarter of this year. Despite concerns over economic slowdown, the Organization of the Petroleum Exporting Countries (OPEC) maintained its global oil demand outlook for this year and next. Saudi Arabia extended its voluntary production cut of 1 million barrels per day, and Russia extended its crude oil export reduction of 300,000 barrels per day until the end of the year. Concerns over supply shortages are growing.

As international oil prices soar, domestic gasoline and diesel prices at gas stations have been rising for 10 consecutive weeks. On the 15th, the national average gasoline price increased by 1.83 KRW per liter to 1,765.29 KRW. (Korea National Oil Corporation’s oil price information system, OPINET) The average gasoline price in Seoul, the highest-priced region domestically, was 1,849 KRW, while Daegu, the lowest-priced region, recorded 1,736 KRW.

The diesel sales price was recorded at a national average of 1,663.05 KRW per liter.

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