Diesel price in Korea hits record $1.6 per liter amid tight supply

[Photo by Lee Chung-woo]

The price of diesel in South Korea has hit over 2,100 won ($1.63) Friday and continues to outstrip that of gasoline amid tight supply of petrochemical products due to Russia’s invasion of Ukraine and supply chain disruptions.

According to Opinet, an oil price information website under Korea National Oil Corporation, average diesel prices at nationwide filling stations reached 2,100.73 won per liter as of Friday morning, up 4.63 won from the previous day. Average gasoline prices also reached 2,095.83 won per liter, up 3.63 won from the previous day.

The prices of diesel and gasoline have been touching new highs.

On June 11, nationwide gasoline price reached an all-time high of 2,064.59 won per liter, breaking previous record of 2,062.55 won on April 18, 2012.

Diesel price has also been skyrocketing since it hit above previous record of 1,947.74 won per liter with 1,953.29 won on June 12.

The prices of diesel and gasoline at the pumps have been heading north due to tight supply of petrochemical products triggered by the Russia-Ukraine war. Major countries have imposed sanctions on Russia petrochemical products, raising uncertainty over global supply.

Industry insiders noted that the oil prices will continue to soar for a while given increased demand on eased lockdown measures in China and driving season in the United States between June and August when demand for fuel is at its peak amid decline in crude oil stocks.

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