Gasoline Prices Break Records for Fourth Straight Week

Gasoline prices at gas stations across the country reached 1,784 won per liter, while diesel hit 1,773 won, setting a fresh record high for the fourth consecutive week. The government said this latest streak of record highs comes seven weeks after mid-June.

The surge in prices is attributed to rising global crude oil prices. As of October 15, Brent crude stood at $105.9 per barrel, Dubai crude at $107.0, and West Texas Intermediate (WTI) at $98.0. On the same day, international wholesale prices for gasoline and diesel were $133 and $170 per barrel, respectively.

The impact on consumer prices is also evident. The consumer price index rose 2.9% in September, with distribution margins up 14.8%.

High oil prices have also dampened consumption. Gasoline sales in September fell 3.0% from the previous month. During the second week of October, the third straight week of record-high prices, gasoline consumption dropped 1.7% and diesel consumption fell 7.6%.

The oil industry is calling on the government to take price stabilization measures, including cuts to fuel taxes.