Domestic oil refiners recorded the highest export volumes of gasoline and diesel last year.
According to the Korea Petroleum Association (KPA) on the 2nd, domestic refiners including SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank exported 111.89 million barrels of gasoline and 206.6 million barrels of diesel, respectively. This is the highest figure since statistics began in 1992.
The export volume of jet fuel, considered a high-value product, also rose by 3% compared to the previous year, reaching 88.26 million barrels.
Total petroleum product exports amounted to 490.45 million barrels, an increase of 4.8% compared to the previous year, marking the second-highest level on record after 2018. The export ratio compared to crude oil imports also reached an all-time high of 52.5%.
In terms of export volume by product, diesel accounted for the highest share at 41.1%. This was followed by gasoline at 22.8%, jet fuel at 18%, and naphtha at 8.1%.
However, the export value of petroleum products reached $45.17 billion (approximately 61.9 trillion won), down 2.9% from the previous year. Analysts suggest that while the volume increased due to falling international oil prices last year, the export value declined.
The petroleum association noted, "This year, uncertainties are expected to grow due to changes in energy and trade policies following the inauguration of Donald Trump's second term in the United States," adding, "The refining industry plans to diversify export destinations and increase exports of high-value products based on refining competitiveness."