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Gasoline Prices on the Rise for a Month

Written: 2019-09-21 13:45:25Updated: 2019-09-21 14:15:56

Gasoline Prices on the Rise for a Month

Photo : KBS News

Gasoline prices nationwide continue to steadily rise for the past month since fuel tax cuts were completely phased out in August.

According to Opinet, an oil price information website run by the Korea National Oil Corporation, the national average price of regular gasoline rose five-point-six won to just over one-thousand-529 won per liter in the third week of September.

The price hike continues as government measures to suppress higher oil prices at certain low-cost pumping stations have also been suspended.

An industry official said the pace of increase is not as steep compared to early May before fuel tax cuts were extended, but forecast that gas prices will continue to rise.

Meanwhile, global oil prices surged by more than six dollars a barrel this week following the drone attacks on oil facilities in Saudi Arabia.

Effects on domestic oil prices are expected from the first week of October.

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