Gas Prices in Korea to Fall Below W1,700
kpride, Dec. 4, 2014, 10:08 a.m.
Thanks to declining international oil prices, the price of gasoline in Korea is set to plunge below W1,700 per liter (US$1=W1,113). The Korea National Oil Corporation said as of 3 p.m. Wednesday, the gasoline price at filling stations across the nation stood at W1,700.14 per liter, down W2.25 from Tuesday. At this rate it would drop below W1,700 on Thursday.
International oil prices fell to some US$60 per barrel due to a failure by OPEC to rein in crude oil output. U.S. investment consultancy Oppenheimer on Wednesday said prices could fall to $55 a barrel.