SEOUL, Aug. 19 (Korea Bizwire) – A recent study by the Korea Insurance Development Institute has found that electric vehicles (EVs) in South Korea have a slightly higher risk of fire and explosion compared to traditional gasoline-powered cars, potentially impacting insurance premiums and safety perceptions. According to data released on August 18, there were 53 fire [...]
SEOUL, Apr. 16 (Korea Bizwire) — In a significant shift within South Korea’s imported car market, hybrid vehicle sales surpassed gasoline-powered models for the first time in the first quarter of this year, signaling a robust trend favoring hybrid offerings. Following the initial milestone in November 2023, when hybrid cars outsold gasoline variants on a monthly [...]
SEOUL, June 6 (Korea Bizwire) — The rising cost of driving a car, driven primarily by higher gasoline prices, is frustrating drivers. Among 12 types of expenditure in May under the consumer price index, transportation costs had jumped the most, by 14.5 percent, according to the data compiled by Statistics Korea. Transportation costs include transportation [...]
SEOUL, June 4 (Korea Bizwire) — The weekly average prices of gasoline and diesel in South Korea both climbed for the fourth consecutive week on a continued energy crunch around the world, industry data showed Saturday. The average retail price of gasoline stood at 2,013 won per liter from May 29-June 2, up 19.3 won [...]
SEOUL, May 26 (Korea Bizwire) — The prices of diesel and gasoline in South Korea both climbed to over 2,000 won (US$1.58) per liter on Thursday on a continued tight global supply, industry data showed. The average retail price of diesel fuel had risen 0.88 won to 2,003.56 won per liter as of 2:30 p.m., [...]
SEOUL, May 25 (Korea Bizwire) — South Korea’s consumption of gasoline and diesel sank more than 18 percent in April from a year earlier due to high international crude prices, data showed Wednesday. Asia’s fourth-largest economy consumed a combined 17.4 million barrels of gas and diesel last month, down 18.3 percent from a year earlier, [...]
SEOUL, Oct. 18 (Korea Bizwire) — Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday. The average gasoline price nationwide stood at 1,724.7 won (US$1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by [...]
SEOUL, Mar. 18 (Korea Bizwire) — Diesel cars, known to be one of the major causes of air pollution, comprised nearly half of all automobiles driven in South Korea last year. The Korea Transportation Safety Authority announced last Friday that cars in South Korea covered a total distance of 327.1 billion kilometers last year, an [...]
SEOUL, Mar. 11 (Korea Bizwire) — The number of gas stations in South Korea dropped for the fourth straight year in 2018 amid worsening profitability facing the industry, data showed Monday. As of end-December, 11,769 petrol stations were operational across the country, down 196 from a year earlier, according to the data by the Korea [...]
SEOUL, Feb. 20 (Korea Bizwire) — A gasoline-burning automobile consumed an average 1,159 liters last year, down 2.4 percent from a year earlier, as drivers cut back on spending probably to cope with high prices, industry data showed Wednesday. According to the Korea Petroleum Association, the figure marks the lowest since 2006, when the comparable [...]