Renewed High Oil Price Fear... August Gas Station Sales Up 10% from Previous Month

BC Card New Finance Research Institute Analysis
Oil Prices Surge 10% in One Month... Impact of Increased Full-Tank Refueling Customers

As international oil prices surpassed $90, domestic consumer fuel prices have also been steadily rising. At the Seoul Mannam Square gas station on the Gyeongbu Line, known for its affordable prices, many customer vehicles lined up early in the morning on the 15th. Photo by Huh Younghan younghan@

BC Card analyzed the sales increase and decrease trends of major domestic industries and found that last month, oil prices rose by 8.3% compared to the previous month, and gas station sales surged by more than 10%. While the holiday season had some influence, it is interpreted that the increase was due to more customers filling up their tanks in full amid concerns over the sharp rise in oil prices.

BC Card published the 8th issue of the 'ABC Report' containing these details on the 19th. According to the report, total sales across major domestic industries last month decreased by 2.0% compared to the previous month and also dropped by 2.1% compared to August of last year. However, sales increased by 8.0% compared to August 2020, the early stage of the COVID-19 pandemic.

The industries that saw sales growth from July to August were gas stations, culture, and accommodation.

Gas station sales increased by 10.4% compared to the previous month, which is attributed to the rise in international oil prices. The price of West Texas Intermediate (WTI) crude oil, which surpassed $90 for the first time in 10 months, pushed the average oil price last month to 1,729 KRW per liter (based on regular gasoline), up about 9.1% from 1,585 KRW the previous month. A BC Card official explained, "Unlike last year when high oil prices rose gradually, this year they surged nearly 10% in a short period, creating an unpredictable situation. This likely influenced customers to fill up more at gas stations in one visit, causing a rapid increase in sales over a short time."

Accommodation and culture sectors increased by 15.0% and 15.2%, respectively, compared to the previous month. It is interpreted that people sought lodging facilities to escape the prolonged heatwave, which led to record-high electricity consumption during the summer. Additionally, the increase in visitors to movie theaters and performance venues before the start of the school semester also contributed. On the other hand, sales in industries not directly related to social or environmental issues such as high oil prices and heatwaves mostly declined compared to the previous month.

Meanwhile, with the first summer after the full easing of COVID-19, overseas payment amounts also increased. Sales at overseas merchants last month rose by 8.4% compared to the same period last year.

Woo Sang-hyun, Vice President of BC Card, stated, "We are proactively utilizing real-time data analysis to understand the impact of various global factors on the domestic consumer market. We will continue to provide diverse and meaningful content for use not only by government policies and local governments but also by various institutions."