Huge Decline in S. Korea Gasoline, Gasoil Demand

South Korea's gasoline demand dropped 16% year on year in October, the sharpest decline in 20 years since October 1998 when the country was hit by the Asian financial crisis.
The country's consumption of gasoil also dipped 10.6% year on year last month to 5.64 million barrels, the biggest decline since February 2013, according to data from Korea National Oil Corp. compiled by S&P Global Platts.
The volume was the smallest since February 2014 when the country consumed 5.34 million barrels.
South Korea's gasoil consumption dropped to 12.3 million barrels in October from 13.76 million barrels a year earlier.
"The sharp declines in auto fuels are attributable to higher pump prices and the economic slowdown," a KNOC official said.
Pump prices averaged won 1,681/liter ($1.48/liter) in October, up 11.8% from a year earlier. It was the highest price in four years, according to the official.
Due to the sharp decline in consumption, the country's stocks of gasoline jumped 34% year on year to 6.98 million barrels, according to the KNOC official.
South Korea's gasoil stocks rose 7.1% year on year to 11.58 million barrels in October.
During the first 10 months of this year, South Korea's gasoil demand fell 1.7% year on year to 136.99 million barrels, while gasoline consumption fell 0.7% year on year to 65.81 million barrels.