An aircraft takes off from Incheon International Airport on April 13 ahead of the announcement regarding international fuel surcharges.
Airfares on domestic routes have increased sharply as fuel surcharges have more than quadrupled in a month, driven by soaring global oil prices due to the Iran war, according to disclosures from two major full-service carriers on Monday.
Fears of a “plastic bag shortage” are spreading among small business owners and consumers as supply disruptions hit petrochemical products, including naphtha, a key raw material for plastics, amid the ongoing war in the Middle East.
Cars line up to refuel at a gas station at the Seoul rendezvous service area, where gas prices are reportedly cheaper than those of other stations, in Seocho District, southern Seoul, on March 4.
The weekly average prices of gasoline and diesel at domestic gas stations slightly increased this week, reversing the downward trend after just one week.
The conflict between Israel and Iran pushed West Texas Intermediate crude futures up to $73.77, continuing an upward trend that could induce inflation in Korea and globally.
Global oil prices are soaring and Korean industries are bracing for impact after Israel launched airstrikes on Iran, jolting already fragile energy markets and raising the specter of a regional economic shock.
Oil prices jumped more than 7 percent on Friday, hitting their highest in months after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies.
The Industry Ministry on Tuesday asked oil companies to refrain from drastic price hikes, as the government plans to scale back the fuel tax cut starting next month, officials said.
Gasoline prices have fallen for six consecutive weeks.
Korea JoongAng Daily Sitemap
