Oil Prices Soaring Again.
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Domestic oil prices are rising again, now hovering around 1,700 won per liter.

According to the industry on September 12, "A" gas station in Yeoido, Seoul posted 1,758 won per liter on Tuesday, approaching 1,779 won surveyed by the Korea Oil Station Association (KOSA) in June.

The average gasoline price across gas stations nationwide surveyed by the Korea National Oil Corporation (KNOC) was 1,535.22 won per liter last week, edging away from the June peak of 1,550 won. However, it has started rising again this week.

The price of Singaporean oil products, which is used as the benchmark in determining domestic oil prices, has risen for two consecutive weeks starting from the last week of August, from $73 to $79.6 per barrel, due to rising demands in Indonesia and Vietnam.

International oil prices are also assuming an upward curve again with the forecast that OPEC (Organization of Petroleum Exporting Countries) will maintain its policy of reducing output; the Dubai oil price was traded at $71.45 per barrel on Monday, up $0.32 from last weekend and the high record of the year.

[Sun-young Park / KHS]

[ Maeil Business Newspaper & mk.co.kr, All rights reserved]

09-12, 2007 19:17:00

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