Soaring Fuel Costs Threaten Livelihoods of Small Business Owners – The Chosun Ilbo (English Edition): Daily News from Korea

ByFrancoise Ardion

Apr 2, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Soaring uncooked product rates activated by Russia’s invasion of Ukraine are impacting each corner of the economic climate. Diesel price ranges are now on a par with gasoline, exacerbating ailments for truck motorists and modest-business entrepreneurs.

In accordance to the Korea Countrywide Oil Corporation, the average price tag of diesel bought at petrol stations nationwide stood at W1,919.5 for every liter on Sunday, the best level given that July 2008 and just W81 more cost-effective than gasoline (US$1=W1,221).

It is the lowest variation involving gasoline and diesel price ranges since January 2009, when the regular variance above the past ten years was W192.

That is simply because the global diesel selling price has soared amid the Russia-Ukraine war, and nearby prices have benefited less from the government’s fuel tax slash.

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A person fills up a automobile at a gasoline station in Seoul on Sunday. /Newsis
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Diesel is now remaining traded at larger costs than gasoline in Singapore. But diesel taxes are 70 p.c of all those on gasoline in Korea.

In distinct, the increase is threatening the livelihoods of modest organization proprietors, numerous of whom use diesel pick-up vans or vans, as very well as cargo truck drivers.

One 59-calendar year-outdated cargo truck driver reported, “My every month fuel expenditures have improved by involving W700,000 and W800,000. I imagine it’s going to be much better just to cease functioning for the time currently being.”

According to the Korea Transport Institute, gasoline fees account for 42.7 per cent of cargo truck drivers’ overall expenditures. Also, 38 per cent, or 10 million, of the 26 million vehicles in Korea use diesel, and 3.3 million are cargo vehicles.  

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