The average price of gasoline in South Korea exceeded 10 yuan per liter, a new high in nine and a half years

According to Yonhap News Agency, due to the conflict between Russia and Ukraine pushing up international oil prices, as of 4 pm on March 15, the average selling price of gasoline at South Korean gas stations reached 2,000 won per liter (about 10.
29 yuan), up 12.
9 won from the previous day, hitting the highest level
in about 9 years and 5 months.

According to reports, this is the first time that the average gasoline price in South Korea has exceeded 2,000 won per liter since the fourth week of October 2012 (2003.
7 won per liter
).
The price of gasoline in Seoul exceeded 2,000 won per liter last week, rising 19 won from the previous day to 2,086 won
that day.
In addition, Jeju-do (2,106 won/liter), Incheon City (2023 won/liter), Daejeon City (2020 won/liter), Gyeonggi-do (2016 won/liter), Ulsan City (2013 won/liter), and Busan City (2004 won/liter) also sold for more than 2,000 won
.

The report pointed out that affected by the reduction of fuel tax in mid-November 2021, South Korean gasoline prices fell for nine consecutive weeks, stopped falling and recovered at the beginning of this year, dragged down by the deterioration of the situation in Ukraine, and the recent upward momentum has become increasingly strong
.
Although international oil prices have a temporary downward momentum, according to the price transmission mechanism, international market fluctuations generally affect South Korean oil prices
after 2 to 3 weeks.
Under these circumstances, the South Korean government decided to extend the fuel tax concession period by three months until the end of
July.

According to public reports, South Korea's fuel tax will be reduced by 20%
for six months from November 12, 2021.