[WORD_ON_THE_WEB] 'I understand the appeal of electric cars'

Diesel is now more expensive than gasoline as the war in Ukraine continues to push oil prices up.

Diesel is now more expensive than gasoline as the war in Ukraine continues to push oil prices up.

The Korea National Oil Corporation announced on May 10 that the gasoline prices were 1,944 won ($1.51) per liter and diesel prices 1,941 won per liter. However, one day later the gasoline price was 1,946 won per liter and the diesel price was 1,947 won.

The reason for the steep rise in diesel prices is because of the disrupted international oil supply caused by Covid-19 and the Russian invasion of Ukraine.

The international diesel price for the first week of May showed a 75.6 percent increase compared to the beginning of the year. The climb was steeper than that of gasoline, which increased 50.1 percent.

Another reason for the crisis is the uneven discount rate caused by the differentiating tax rate for gasoline and diesel. The rate is higher for gasoline than diesel.

According to the Korea National Oil Corporation, the price per liter for gasoline was cheaper by 27.5 won in the first week of May compared to a week earlier, while the diesel price dropped by 0.8 won per liter.

Oil refiners have applied the oil tax reduction at 760 gas stations under direct management, but that is only 6.7 percent of the gas stations in Korea.

#more_money_for_big_business “The policy should aim to benefit consumers, instead of only letting the big companies benefit.” “The oil tax should be distributed so that the consumers can get their money back. Right now the system is only letting the oil refiners benefit.”

#unaffordable_delivery_fees “The delivery fees climb because of the oil prices, then everything is pricier…. It’s a never-ending cycle.” “Freight is directly impacted because of this…. From delivery fees to market prices, everything’s becoming pricier.”

#waiting_for_electric_cars “I fully understand the appeal of electric cars nowadays.” “The oil prices fluctuate the most. I hope electric cars become popular soon.”

BY LEE SI-YEOUNG, YOO JI-WOO [yoo.jiwoo@joongang.co.kr]