A steady rise in gasoline is starting to put pressure on consumer prices as South Koreans take time off for the long Chuseok holiday, market watchers said Saturday.
Data by the Korea National Oil Corp. (KNOC) showed that the average price of a liter of gasoline in the fourth week of September rose 6.7 won compared with the week before to 1,491.7 won (US$1.3). The price for a liter of diesel fuel rose 6.6 won to 1,282.6 won.
"The rise in international crude oil is beginning to be felt here," a KNOC source said.
He said moves by Organization of the Petroleum Exporting Countries to curb output and the decrease in the U.S. oil reserves is expected to cause fuel prices to climb going forward. Such a development can start to affect overall consumer prices that have started moving up this year.
The country's consumer prices rose 2.1 percent this month from a year earlier mainly due to a spike in food prices, with petroleum-related prices also jumping 6.1 percent on-year, Statistics Korea said.
The latest findings then showed that discount gas stations offered the cheapest fuel with the average price of gasoline standing at 1,457.1 won per liter up 7 won from the previous week.
The most expensive filling stations were those operated by SK Energy Co., where people paid an average of 1,517.4 won per liter of gasoline, an increase of 5.8 won from the week before.
By region gasoline prices were highest in Seoul at 1,598.6 won per liter and cheapest in North Gyeongsang Province, where the average stood at 1,468.5 won for a liter of fuel. (Yonhap)