The Korea Herald


[Graphic News] Korea’s ‘pain at the pump’ eases

By Korea Herald

Published : Feb. 21, 2013 - 20:11

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How much do Korean drivers hit by high gasoline prices feel the pain at the pump?

According to the latest Bloomberg Gas Price Ranking released last week, Korea ranked 32nd among 60 countries by pain at the pump, which is measured by the proportion of average daily income needed to buy a gallon of fuel.

The average daily income in Korea was $65 and the share of a day’s income needed to buy a gallon (with a price of $6.77 per gallon) was about 10 percent, the report said. Last year, Korea ranked 20th with 10.9 percent.

Pakistan was at the top of the ranking with a gasoline price of $3.98 per gallon and a daily average income of $3.55, while Venezuela was thanks to its lower price amounting to $0.06 per gallon. Oil-producing countries like Kuwait, Saudi Arabia and the United Arab Emirates were placed at the bottom of the ranking.

By Chung Joo-won (