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| A sign shows oil prices at a gas station in Seoul, March 26. The average prices of gasoline and diesel in Korea hit over 2,040 won ($1.62), data showed Thursday. Yonhap |
The average prices of gasoline and diesel in Korea have hit over 2,040 won ($1.62), data showed Thursday, as tight global supplies continue to drive up fuel costs amid Russia's war with Ukraine.
The average retail price of gasoline stood at 2,047.19 won per liter as of 4 p.m., Wednesday, up 5.15 won from the previous day, according to Opinet, a website operated by the state-run Korea National Oil Corp.
The price of gasoline breached the 2,000 won mark March 15, the first time in more than nine years. It briefly fell below 2,000 in April, before bouncing back late last month.
Observers say the price of gasoline could soon break its previous record high of 2,062.55 won logged in April 2018.
The average price of diesel was 2,042.99 won per liter as of the same time Wednesday, up 6.47 won from a day earlier.
It eclipsed the 2,000-won point for the first time May 24.
The continued uptrend in fuel prices is attributable to supply shortages of petroleum products triggered by Russia's invasion of Ukraine and subsequent international sanctions on Moscow, a major energy resource exporter.
The prices of gasoline and diesel have risen by 420 won and 600 won, respectively, since the beginning of this year, representing 26.1 percent and 41.6 percent increases.
In late May, the government expanded the fuel tax cut rate from 20 percent to 30 percent, but it has had little effect on reining in price hikes. (Yonhap)
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