SEOUL– The average price of regular gasoline in South Korea on Tuesday exceeded 2,000 won (US$1.61) per liter for the first time in 9 1/2 years amid global supply concerns following Russia’s invasion of Ukraine.
The average retail gas price across the country reached 2,000.95 won per liter in the afternoon, up 12.91 won from the previous day, according to Opinet, a website operated by the state-run Korea National Oil Corp.
It is the first time the nationwide average has broken the threshold since the fourth week of October 2012, when the price was 2,003.7 won.
The average price in Seoul topped 2,000 won last week and reached 2,086 won Tuesday, up 19 won from the previous day.
The latest surge came as the Ukraine conflict has sparked fears over global oil supply disruptions. Russia is one of the world’s major exporters of oil and natural gas.
Early this month, the government extended its 20-percent fuel tax cuts by three months until end-July. A 20-percent cut translates to a reduction of 164 won per liter of gasoline and 116 won per liter of diesel at gas stations.
The government said a further cut will be possible depending on the oil price trend. The upper limit for a fuel tax cut is 30 percent.
Source: Yonhap News Agency