Photo : YONHAP News
Average gasoline and diesel prices in South Korea continued to fall on Saturday, a day after the government imposed price caps on refiners’ petroleum products to curb surging oil costs linked to the Middle East crisis.
According to the Korea National Oil Corporation’s(KNOC) price information system Opinet, as of 10 a.m. Saturday, the average price of gasoline fell 12-point-22 won from the previous day to one-thousand-851-point-85 won per liter, or around one U.S. dollars and 24 cents.
The average price of diesel also dropped 16-point-58 won to one-thousand-856-point-09 won per liter.
In Seoul, where prices are normally the highest in the country, the average for gasoline decreased 16-point-51 won to one-thousand-871-point-14 won, while for diesel it fell 16-point-23 won to one-thousand-863-point-11 won.
Since 12:00 a.m. Friday, refiners have been restricted to supplying gasoline to gas stations at a maximum price of one-thousand-724 won per liter, and diesel for no more than one-thousand-713 won per liter.
The price caps will remain in effect until March 26, with adjustments to be made every two weeks.