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Local Diesel Prices Soar to 14-Year High

Written: 2022-03-26 14:13:20Updated: 2022-03-26 14:17:27

Local Diesel Prices Soar to 14-Year High

Photo : YONHAP News

Local prices of diesel fuel are soaring amid skyrocketing global prices affected by the war in Ukraine. 

According to the oil price information portal Opinet run by the Korea National Oil Corporation, the average price of diesel sold at the pumps nationwide rose 15-point-six won to over one-thousand-918 won per liter this week, the fourth week of March.

It's the highest price in 14 years since one-thousand-932 won of July 2008.

In Korea, diesel is usually about 200 won cheaper than gasoline per liter. But this week, the difference has narrowed to 84 won. 

The transport sector, including cargo trucks which mainly use diesel, are demanding government measures to address the runaway costs.

The average price of gasoline also rose seven-point-five won this week to 2001-point-nine won per liter, the highest since October 2012.

In response, the government has extended the fuel tax cut by three more months to July and will also consider increasing the tax cut from the current 20 percent.

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