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Oil prices soaring in N. Korea amid U.N. sanctions

2017/09/12 15:41

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SEOUL, Sept. 12 (Yonhap) -- Oil prices in North Korea are soaring amid expectations of fresh tough sanctions over the North's latest nuclear test, a U.S. broadcaster reported Tuesday, as the U.N. Security Council approved a new resolution to limit the reclusive nation's oil imports.

Oil prices are skyrocketing just a week after the North conducted its sixth and strongest nuclear test on Sept. 3. Prior to the test, gasoline was sold for 13,000 North Korean won (US$101.24) per kilogram, Radio Free Asia said, citing sources who are in contact with North Korean residents.

"In Hoeryong, North Hamgyong Province, gasoline is currently trading at 17,000 won per kilogram and diesel oil at 13,000 won," a source was quoted as saying.

Another source in China's Liaoning Province noted the North's oil price has risen higher than that of China.

Rumors circulate inside the North that China will ban its oil exports to the North, and this has led to a price hike, the broadcaster said.

Meanwhile, U.N. Resolution 2375 caps Pyongyang's imports of crude oil at the current level of 4 million barrels a year and limits the import of refined petroleum products to 2 million barrels per year.

North Koreans stage a mass rally in Pyongyang on Aug. 9, 2017, to denounce the U.N. Security Council resolution imposing fresh sanctions on North Korea for its latest ICBM test. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap-KCNA) North Koreans stage a mass rally in Pyongyang on Aug. 9, 2017, to denounce the U.N. Security Council resolution imposing fresh sanctions on North Korea for its latest ICBM test. (For Use Only in the Republic of Korea. No Redistribution) (Yonhap-KCNA)

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