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. Receive daily email alerts, subscriber notes & personalize your experience. Register Now 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 of 92 RON gasoline — the more popular grade — averaged Won 1,681/liter ($1.48/liter) […]