Gasoline prices in Seoul surpass 1,800 KRW on Monday
Updated: 2021-10-19 07:45:42 KST
Gasoline prices are soaring around the world, including in South Korea.
As of this Monday, gasoline prices in Seoul passed 18-hundred won per liter,which is around 1-and-a-half U.S. dollars.
A few stations were as high as 25-hundred won, which is more than two dollars.
According to Opinet, a website run by Korea National Oil Corporation that compiles oil price information the average price in Seoul on Monday was 1-thousand 8-hundred-1 Korean won per liter.
This was a 4.4 won jump from the day before.
Nationwide, the average price had risen to more than 1-thousand 7-hundred won, the highest in seven years.
Market watchers say gas prices may even go up higher with global oil prices on the rise due to revived demand from more countries steadily recovering from the pandemic.
Experts also cited the rise in import bills of oil products due to the Korean won currently being weak against the U.S. dollar.
South Korea's benchmark, Dubai crude, reached a three-year high of 82-point2-8 US dollars a barrel last week which was up from an average of 72-point 6-3 dollars in September.
There is a growing call for the government to lower fuel taxes to ease the burden on businesses and ordinary citizens.
Higher oil prices normally result to more expensive heating bills.
In November 2018, the South Korean government cut fuel taxes for six months.
At the time, the price jumped due to growing concerns over a drop in crude oil supply when conflicts arose between the U.S. and Iran.
Shin Ye-eun, Arirang News.