Photo : YONHAP News
The rise in average prices of gasoline and diesel in South Korea slowed on Saturday, after the government imposed a third round of price caps on refiners’ petroleum products the previous day to curb surging oil costs linked to the Middle East crisis.
According to the Korea National Oil Corporation’s(KNOC) Opinet system, as of 10 a.m., the average price of gasoline rose one-point-75 won from Friday to one-thousand-990-point-68 won per liter, or around one U.S. dollar and 34 cents.
The average price of diesel also increased one-point-54 won to one-thousand-984-point-22 won per liter.
In Seoul, where prices are normally the highest in the country, the average for gasoline jumped one-point-26 won to two-thousand-24-point-04 won, while for diesel it rose zero-point-97 won to two-thousand-nine-point-six won.
The price increases have slowed down compared to price jumps of two-point-six won for gasoline and two-point-nine won for diesel nationwide as of 9 a.m. Friday.
Effective 12 a.m. Friday, the government kept the price caps on refiners’ supplies of gasoline and diesel to gas stations unchanged at one-thousand-934 won per liter and one-thousand-923 won per liter, respectively.