This file photo shows a liquefied petroleum gas (LPG) charging station in Seoul. (Yonhap)
SEOUL, Jan. 25 (Korea Bizwire) — Liquefied petroleum gas (LPG)-powered cars are gradually losing their presence with the growing prevalence of electric and hybrid vehicles, after years of enjoying popularity in the South Korean automobile market thanks to low fuel costs and low emissions.
According to statistics from the Ministry of Land, Infrastructure and Transport, the number of LPG cars registered in the country as of the end of last year totaled 1,904,860, accounting for 7.47 percent of all registered vehicles.
After peaking at 13.82 percent in 2008, the share of LPG cars has been on a downward trend.
Domestic sales of domestically-produced new LPG vehicles stood at 78,592 units in the January to November period of last year, down 12.8 percent from a year before, the Korea Automobile Manufacturers Association said.
In contrast, the share of electric, hybrid and hydrogen vehicles is steadily growing, with their combined registration number estimated at 1,538,084 units last year, roughly 350,000 units lower than that of LPG cars.
Considering the difference in fuel efficiency, consumers’ desire to buy LPG-powered cars tends to decline if the price of LPG exceeds 60 percent of the price of gasoline.
According to the Korea National Oil Corp., the price of butane fuel sold at LPG stations stood at 1,019.75 won (US$0.83) on average per liter in the second week of January, a level equivalent to 65.28 percent of the gasoline price.
Kevin Lee (kevinlee@koreabizwire.com)
