Gasoline Consumption Reaches 46.5 Million Barrels in First Half of the Year

In the first half of this year, domestic gasoline consumption was recorded at 46.58 million barrels, marking the highest level for any first half of the year. While total petroleum product consumption decreased by 11.5%, gasoline consumption increased by 1.3% compared to the same period last year. Following the implementation of the maximum oil price system in March, gasoline consumption rebounded from May, with May's consumption up 6.4% year-on-year. June's consumption also maintained a similar level. The maximum oil price system is a government measure that sets price caps on major petroleum products to mitigate the impact of oil price shocks. The Korea Energy Economics Institute predicts that the price increase of petroleum products will be limited due to the maximum price system and the reduction of fuel taxes. To compensate for the losses of refiners, the government has allocated 4.2 trillion won in a special reserve fund. The 9th maximum oil price, which will be applied for four weeks starting from the 22nd, has been frozen at 1,784 won per liter for gasoline. The government cited the burden on people's livelihoods and the stabilization of international oil prices as the background for this freeze. This freeze is also related to price management and the operation of the maximum oil price system may act as a factor in slowing consumer price inflation.

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