Tag: oil price

oil price

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Producer prices fall for 1st time in 11 months in July on declining oil prices

Korea’s producer prices fell 0.4 percent in July, the first monthly decline in 11 months, as cheaper oil outweighed heat-driven food price gains.

2026.8.21

Falling fuel prices offer airlines relief ahead of summer travel season

Lower jet fuel costs are cutting ticket surcharges and easing pressure on Korean carriers as they head into the peak vacation season.

2026.6.30

Global oil prices hit three-month low, but when will pump prices drop?

Crude prices have hit three-month lows after a U.S.-Iran cease-fire, but Korean drivers may wait weeks for lower gasoline prices because of supply lags, a weak won and government price caps.

2026.6.16

Korean industries welcome end of Iran war, though some remain wary of oil prices

Airlines and shippers expect relief as the Iran war winds down, while refiners, shipbuilders and petrochemical firms stay alert to oil-price risks.

2026.6.15

Weak won, high oil prices and rate hike concerns weigh on Korean businesses

As the won hits its weakest level since the global financial crisis, Korean companies warn that currency swings, high oil prices and possible rate hikes are squeezing profits and financing.

2026.6.8

Immigrants and activists hold a press conference demanding expansion of eligibility of cash relief to mitigate soaring gas prices in front of the National Human Rights Commission of Korea in central Seoul on April 28. [YONHAP]

Rights groups file petition over foreign residents' cash relief exclusion

Immigrants' rights advocacy groups filed a petition with the state-run human rights watchdog over foreign residents' exclusion from cash relief from the Korean government, according to the National Human Rights Commission of Korea on Tuesday.

2026.4.29

Surcharges ahead

An aircraft takes off from Incheon International Airport on April 13 ahead of the announcement regarding international fuel surcharges.

2026.4.13

A Korean Air flight takes off from Incheon International Airport on April 1. [YONHAP]

Fuel surcharges on domestic flights quadruple for Korean Air, Asiana as oil prices spike

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.

2026.4.6

A vendor sells fish at Mangwon World Cup Market in Mapo District, western Seoul, on March 23. [HAN CHAN-WOO]

Merchants fear plastic bag shortage as Middle East war disrupts petrochemical supplies

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.

2026.3.23

Hit the brakes

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.

2026.3.4