Difference between revisions of "Fuel Prices Korea, South"

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{{Fuel Price Factsheet
 
{{Fuel Price Factsheet
 
|Fuel Price Country=Korea, South
 
|Fuel Price Country=Korea, South
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|Fuel Pricing Policies=South Korea imposes high taxes on fuels, reaching the European level of fuel taxes.
 +
 +
In April 2011, the South Korean government published plans to lower fuel taxes, as soon as the crude price exceeds 130 US$/barrel (this price reached 116 US$ in April 2011). Also, the government tries to bring more retailers into the downstream sector, to increase market pressure on the four main refining companies, to which most retailers are affiliated (→App. A2).
 +
 +
President Lee gave a statement in January 2011, by which he somehow blamed the major refinery companies for the high prices. Comparing the crude and retail prices in 2008 and early 2011 led to the assumption, that major refinery companies should lower their disproportionate high revenues (see →App. A3). However, the idea of installing fixed, regulated fuel prices is rejected by the government.
 +
 +
The official website http://www.kesis.net (Korea Energy Statistics Information System)  offers comprehensive fuel price monitoring. Official information regarding the fuel price composition / fuel taxation is not available online, hints welcome!
 
|Fuel Currency=KRW
 
|Fuel Currency=KRW
 
|Fuel Price Exchange Rate=1130.56
 
|Fuel Price Exchange Rate=1130.56
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Source: own calculations based on http://www.kesis.net, internet articles (see →App.A3) and http://www.eia.doe.gov (for crude oil price on Dubai spot market).
 
Source: own calculations based on http://www.kesis.net, internet articles (see →App.A3) and http://www.eia.doe.gov (for crude oil price on Dubai spot market).
−
|Fuel Pricing Policies=South Korea imposes high taxes on fuels, reaching the European level of fuel taxes.
 
−
 
−
In April 2011, the South Korean government published plans to lower fuel taxes, as soon as the crude price exceeds 130 US$/barrel (this price reached 116 US$ in April 2011). Also, the government tries to bring more retailers into the downstream sector, to increase market pressure on the four main refining companies, to which most retailers are affiliated (→App. A2).
 
−
 
−
President Lee gave a statement in January 2011, by which he somehow blamed the major refinery companies for the high prices. Comparing the crude and retail prices in 2008 and early 2011 led to the assumption, that major refinery companies should lower their disproportionate high revenues (see →App. A3). However, the idea of installing fixed, regulated fuel prices is rejected by the government.
 
−
 
−
The official website http://www.kesis.net (Korea Energy Statistics Information System)  offers comprehensive fuel price monitoring. Official information regarding the fuel price composition / fuel taxation is not available online, hints welcome!
 
 
|Fuel Matrix Pricing Mechanism=3
 
|Fuel Matrix Pricing Mechanism=3
 
|Fuel Matrix Price Level=3.5
 
|Fuel Matrix Price Level=3.5
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|Fuel Price Factsheet Source Link=http://www.knoc.co.kr/
 
|Fuel Price Factsheet Source Link=http://www.knoc.co.kr/
 
}}
 
}}
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{{Fuel Price Factsheet Source
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|Fuel Price Factsheet Source Type=Other Information
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|Fuel Price Factsheet Source Link=http://www.mb.com.ph/articles/309281/s-koreas-oilrelated-tax-revenues-top-27-trillion-won
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|Fuel Price Factsheet Source Annotation=A1
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}}
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{{Fuel Price Factsheet Source
 +
|Fuel Price Factsheet Source Type=Other Information
 +
|Fuel Price Factsheet Source Link=http://english.yonhapnews.co.kr/business/2011/04/12/30/0501000000AEN20110412011000320F.HTML
 +
|Fuel Price Factsheet Source Annotation=A2
 +
}}
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{{Fuel Price Factsheet Source
 +
|Fuel Price Factsheet Source Type=Other Information
 +
|Fuel Price Factsheet Source Link=http://www.koreatimes.co.kr/www/common/printpreview.asp?categoryCode=202&newsIdx=79765
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|Fuel Price Factsheet Source Annotation=A3
 +
}}
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{{Fuel Price Factsheet Source
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|Fuel Price Factsheet Source Type=Other Information
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|Fuel Price Factsheet Source Link=http://online.wsj.com/article/SB10001424052748703806304576245832442095892.html
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|Fuel Price Factsheet Source Annotation=A4
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}}
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[[Category:South Korea]]

Latest revision as of 16:57, 9 December 2015

Part of: GIZ International Fuel Price database


Fuel Pricing Policies

Local Currency: KRW
Exchange Rate: 1130.56


Last Update: 2011/05/01

South Korea imposes high taxes on fuels, reaching the European level of fuel taxes.

In April 2011, the South Korean government published plans to lower fuel taxes, as soon as the crude price exceeds 130 US$/barrel (this price reached 116 US$ in April 2011). Also, the government tries to bring more retailers into the downstream sector, to increase market pressure on the four main refining companies, to which most retailers are affiliated (→App. A2).

President Lee gave a statement in January 2011, by which he somehow blamed the major refinery companies for the high prices. Comparing the crude and retail prices in 2008 and early 2011 led to the assumption, that major refinery companies should lower their disproportionate high revenues (see →App. A3). However, the idea of installing fixed, regulated fuel prices is rejected by the government.

The official website http://www.kesis.net (Korea Energy Statistics Information System) offers comprehensive fuel price monitoring. Official information regarding the fuel price composition / fuel taxation is not available online, hints welcome!

Fuel Prices and Trends

Gasoline 95 Octane Diesel
in USD*

in Local Currency

* benchmark lines: green=US price; grey=price in Spain; red=price of Crude Oil



Source: http://www.kesis.net

Fuel Price Composition

Price composition for one litre of Gasoline 95 Octane as of 2011/01/01.


GIZ IFP2012 Korea, South.png


Approx. values

Total Taxes and Duties includes: 3% import duty on crude imports, 10% VAT on crude imports, further VAT on refined oil products, environmental protection tax, education tax (→App. A1; shares unknown, hints welcome).

Source: own calculations based on http://www.kesis.net, internet articles (see →App.A3) and http://www.eia.doe.gov (for crude oil price on Dubai spot market).



At a Glance

Regulation-Price-Matrix
Transparency of
Price Composition 		Transparency of Pricing
Mechanism / Monitoring
IFPDB matrix background.png
IFPDB matrix point.png
 IFPDB trafficlight yellow.png IFPDB trafficlight explanation.png IFPDB trafficlight green.png


Official and detailed information on fuel taxation missing, hints welcome!


Sources to the Public

Type of Information Web-Link / Source
Other Information http://www.koreatimes.co.kr/www/common/printpreview.asp?categoryCode=202&newsIdx=79765 (A3)
Other Information http://online.wsj.com/article/SB10001424052748703806304576245832442095892.html (A4)
Other Information http://www.mb.com.ph/articles/309281/s-koreas-oilrelated-tax-revenues-top-27-trillion-won (A1)
Other Information http://english.yonhapnews.co.kr/business/2011/04/12/30/0501000000AEN20110412011000320F.HTML (A2)
Pump prices and margins http://www.kesis.net/flexapp/KesisFlexApp.jsp
Pump prices and margins http://www.knoc.co.kr/


Contact

Please find more information on GIZ International Fuel Price Database and http://www.giz.de/fuelprices

This is a living document. If you have any comments or suggestions, please feel free to contact us: Armin.Wagner@giz.de

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