Published : Aug. 19, 2012 - 20:34
Gasoline prices continued to climb over the past month in the local market, marking an average figure of nearly 2,000 won ($1.76) per liter, with international crude oil prices spiking.
According to the Korea National Oil Corp., retail gasoline prices surged to 1,980.05 won per liter on average as of Aug. 19, compared with 1,891.86 won on July 16.
The nation’s gasoline prices on average had risen at a moderate pace, but accelerated from mid-July. After surpassing 1,900 won on July 24, they reached 1,927.38 won on Aug. 1 and 1,968.88 won on Aug. 16.
Brent crude oil recently hit $115 per barrel, its highest for three months and up 30 percent since the end of June. Oil hit an all-time high of $147 in mid-2008 just before the onset of the credit crisis, which sent prices down to $36 just six months later.
Oil prices are now well above the $50-$80 per barrel cost of production from most of the world’s newest oilfields, a level considered to be a natural floor for oil prices.
By Kim Yon-se (
kys@heraldcorp.com)