SEOUL, July 14 (Korea Bizwire) — Domestic prices of gasoline and diesel are also on the skids as oil prices have dropped sharply due to concerns about a global economic recession.
SK Energy Co., South Korea’s leading oil refinery and gas station operator, recently informed front-line gas stations that it would greatly lower gasoline and diesel supply prices, according to industry sources.
Although details have not been disclosed, the range of the price cut is estimated to be 150 won per liter.
The nation’s major oil refiners, including GS Caltex Corp., S-Oil Co. and Hyundai Oilbank Co., are also slashing gasoline and diesel supply prices.
Domestic gasoline and diesel prices follow the trajectory of international prices. Oil refiners are lowering domestic supply prices reflecting last week’s plunge in the price of crude oil.
“If this trend continues, gasoline prices will likely fall to below 2,000 won per liter by the end of the month,” said an industry official.
Kevin Lee (firstname.lastname@example.org)