Korea's gas prices far higher than in other countries

Gas prices in Korea are far higher than those in other countries, according to the Korea Oil Industry Association. Gas prices in Korea are ranked third in the world, followed by Great Britain and The Netherlands.
Assuming that oil prices in Korea are set at 100, the price in Britain would be 107 and in The Netherlands 104. Gas prices in the United States, however, stood at 44, less than half of the cost in Korea. In Taiwan, gas prices stood at 51 and in Japan at 85. The range of gas prices in major European countries such as France, Germany, Belgium and Italy was from 93 to 95.

One official at the association said that the relatively high gas prices in Korea were due to high taxes. He said of the average price of W 1,344 per litre in Korea, taxes occupied 64 % or W 866.