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Gasoline, diesel prices start to rise in step with international prices

All Headlines 09:42 January 10, 2017

SEJONG, Jan. 10 (Yonhap) -- Prices of car fuel rose in December for the first time in 41 months, pushed by the rise in international prices, statistics showed Tuesday.

The price of gasoline rose 1.4 percent on-year last month, and that of diesel 2.8 percent. It marks the first such increase for both since July 2013, according to Statistics Korea.

Gasoline was selling for 1,491 won (US$1.23) per liter on average in the first week of January, up more than 80 won from 1,408 won during the second week of September. Diesel went for 1,285 won per liter, up from 1,203 won.

The price of gasoline in Seoul has already exceeded 1,600 won as of Monday.

Gasoline prices had plummeted each year, dropping 3.2 percent in 2013, 4.8 percent in 2014, and 17.3 percent in 2015. Last year marked a 7-percent decrease. For diesel, the price fall came to 4.4 percent in 2013, 5.1 percent in 2014, 20.5 percent in 2015 and 9 percent in 2016.

Last month's price pivot is in step with the rise in international prices after OPEC in September agreed to slash production with non-members Russia and Mexico deciding to participate in the move.

The Korea National Oil Corp. said the per-barrel price of Dubai crude rose to the $50 range on Dec. 2 after roving for months near $40. As of Friday, it came to $54.25.

Brent crude futures registered at $57.10 per barrel, and West Texas Instrument futures at $53.99.

Gasoline, diesel prices start to rise in step with international prices - 1

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