By Cathy Rose A. Garcia
The winter blues will be felt by motorists at the pump, as gasoline prices have soared to their highest level this year.
Based on data from the Korea National Oil Corp.’s petroleum price information system (www.opinet.co.kr), gasoline prices reached an average of 1,829.39 won per liter in Seoul, Thursday. This is a 30 won increase from the average 1,795.50 won per liter recorded on Dec. 6.
Oil prices in Seoul are nearing levels last seen more than two years ago, when they hit 1,834.90 won on Aug. 14, 2008.
Usually, gasoline prices hit their peak prices in April and March, but the current higher prices of oil in the international market have made an impact this month.
Recent freezing weather in Europe and the United States, as well as the sharper-than-expected decline in U.S. energy inventories have pushed international oil prices up. New York’s main contract, light sweet crude for January closed at $88.37 a barrel on Thursday, while in London, Brent North Sea crude for delivery in January was at $90.99 a barrel.
Diesel prices are also spiking in Seoul. The average price of a liter of diesel was 1,639.25 won Thursday, 25.25 won more than three days earlier.
At the national level, prices of gasoline and diesel are slightly lower. The national average price of gasoline is slightly lower at 1,750.41 won per liter, while diesel is at 1,550.03 won per liter.
Some of the most expensive places to buy gasoline are located in Seoul, with some stations selling it at over 2,000 won per liter.
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