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South Korea's gasoline, diesel consumptions record high in Q2

Staff Writer | August 7, 2017
Gasoline and diesel consumptions in South Korea hit a new quarterly high in the April-June quarter due to cheap crude oil and the so-called golden holiday in May, a government report showed Monday.
South Korea's gasoline
Asia   Crude oil imports inched down 0.7 percent in South Korea
Consumption of gasoline and diesel, which are used for transport fuel, reached new highs of 20 million barrels and 43 million barrels each in the second quarter, up 3.6 percent and 3.8 percent respectively from a year ago, according to the Ministry of Trade, Industry and Energy.

It was attributed to low crude oil prices, an increase in traffic volume in May that had the so-called golden holidays such as the Children's Day and the Buddha's Birthday, and the rising number of passenger cars.

Naphtha consumption expanded 4.5 percent over the year to 160 million barrels in the quarter on demand from the oil refining companies.

But consumption of Bunker-C oil, which is used for power plants, tumbled 31.8 percent, while LPG consumption fell 0.9 percent on the falling number of LPG-powered vehicles.

Consumption of all oil products reached 234 million barrels in the June quarter, up 1.4 percent from a year earlier.

Oil product exports declined 4.2 percent to 119 million barrels, but the exports value of oil products jumped 14.6 percent to 7.2 billion U.S. dollars thanks to higher product prices.

Crude oil imports inched down 0.7 percent to 265 million barrels in the cited period as oil refiners did maintenance works of some of their factories.


 

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