Oil Prices
South Korea's consumer prices rise 2% in January, slowest pace in five months
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South Korea's consumer prices rose 2 percent year-on-year in January, marking the slowest pace in five months. The slowdown was partly due to stable petroleum product prices, as international crude oil prices fell, according to government data. However, prices for some agricultural and livestock products continued to surge sharply.
As predicted last week, gasoline prices have increased by P0.20 per liter for the third straight week, while diesel and kerosene see a P0.20 per liter rollback effective today.
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A slight rollback in diesel prices is expected next week amid renewed hopes for a Ukraine-Russia ceasefire that has eased global supply concerns. Oil industry experts forecast a per-liter cut of P0.10 to P0.30 for diesel and about P0.65 for kerosene.