Which Country Can Drive 948km with 50,000 Won Fuel? ... Korea Can Go 325km

WP, Comparing Driving Distances by Country at $40
"Korean Gas Prices Highest in About 10 Years... Government Moves to Cut Fuel Tax"

An employee is refueling a vehicle at a gas station in downtown Seoul. [Photo by Yonhap News]

[Asia Economy Reporter Park Hyun-joo] As the world suffers from high oil prices, a foreign media report comparing gasoline prices in various countries has been released.

On the 30th (local time), The Washington Post (WP) compared gasoline prices in countries including South Korea, the United States, France, and Colombia. The comparison was based on how far a 2010 Toyota Camry, known as the best-selling passenger car worldwide, can travel with $40 (about 50,000 KRW) worth of gasoline. The cheaper the gasoline price, the farther the car can travel with the same amount of money.

As a result, it was estimated that in the United States, $40 can cover 398 km. Although gasoline prices vary by state in the U.S., WP reported that in some areas, prices have recently surged to as high as $7 (about 9,000 KRW) per gallon (3.79L). This equates to about 2,376 KRW per liter, while the average gasoline price across the U.S. is 1,659 KRW per liter.

Oil-producing countries such as Russia and Saudi Arabia are in a better situation. According to WP, distances that can be traveled with $40 are 414 km in India, 496 km in the United Arab Emirates (UAE), and 948 km in Colombia, all farther than in the U.S.

There are also countries where gasoline prices are higher than in the U.S. In France, gasoline costs 2,753 KRW per liter, and the distance covered with $40 is only 254 km. In Germany, where gasoline is also expensive at 2,532 KRW per liter, the distance covered with $40 is 277 km. France has been partially refunding gasoline prices since April 1, and the German government is focusing on lowering gasoline prices through measures such as reducing fuel taxes.

In South Korea, the distance that can be traveled with $40 is 325 km, which is 73 km less than in the U.S. WP introduced that as South Korea’s gasoline prices soared to the highest level in about 10 years, the government has taken steps to reduce fuel taxes.

Meanwhile, from the 1st of this month, South Korea expanded the fuel tax reduction rate from 30% to 37%. As a result, gasoline and diesel prices at domestic gas stations slightly decreased compared to the previous day. According to the Korea National Oil Corporation’s oil price information service OPINET, as of 4 p.m. that day, the nationwide average gasoline price was 2,128.84 KRW per liter, down 16.06 KRW from the previous day. The nationwide average diesel price was 2,157.70 KRW per liter, down 9.96 KRW from the previous day.