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News // Asia

Oil prices in North Korea dip due to imports from Russia

05 December 2017 , 14:11Jennie OhNeftegaz.RU273

Oil prices in North Korea have fallen substantially from record-high levels in early November, due to massive imports from Russia, Radio Free Asia reported on December 3, 2017.

 

The U.S. based broadcaster said that a kilogram of diesel had recently dipped by more than 60 % on month to 6,765 North Korean won, which amounts to less than a dollar.

The price of gasoline was also lower, costing less than $2, down by 25 % from the previous month.

 

The report attributed the tumbling prices to large volumes of fuel imported from Russia, despite United Nations sanctions aimed to cut the North's oil imports.

Following the regime's 6th nuclear test in September, the United States wanted a ban on all oil flowing into Pyongyang.

 

However, the U.N. Security Council resolution 2375 resorted to capping the regime's fuel imports by 30 %, to secure support from Moscow and Beijing, which hold political and economic ties with the North.

 

In September, a South Korea unification ministry official reported that North Korean gas prices had skyrocketed.

Russia's trade with North Korea in the 1st quarter of this year more than doubled from a year earlier, hitting $31.4 million.

 

Russia has long opposed stringent economic sanctions on the North, arguing that the measures shouldn't affect average North Koreans.

 

 

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