Friday, May 6, 2011

Fuel prices rise again

Retail fuel prices in Korea are rebounding on high international oil prices, despite refiners' price cut of 100 won ($0.09) per liter a month ago.

The state-run Korea National Oil Corp. attributed this to the rising price of petroleum in the country, predicting that the trend would continue in coming months.

The price cut by local refiners has shown a 60-won-per-liter reduction, a far smaller drop than the industry and consumers had expected.

The price of gasoline in the country ranged from 1,945 won-1,946 won per liter during April, but started climbing at the beginning of May.

The average price of gasoline and diesel in the country reached 1,951.23 won and 1,796.52 won per liter, respectively, on Friday, according to KNOC, while the benchmark Dubai Crude Oil marked $114.40 per barrel.

The lack of impact from the cut in the price of supply has spurred a blame game between refiners and gas stations.

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