Gasoline Prices Rise for 8 Consecutive Weeks... "Further Increase Expected if Middle East Risk is Reflected"

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for eight consecutive weeks. Since the recent fluctuations in international oil prices due to the conflict between the United States and Iran have not yet been reflected, domestic fuel prices are expected to increase further.

According to the Korea National Oil Corporation's oil price information service Opinet on the 11th, the nationwide gasoline retail price in the second week of January rose by 6.4 KRW per liter (ℓ) from the previous week to 1,565.1 KRW. Diesel prices increased by 4.6 KRW to 1,396.3 KRW per liter (ℓ).

The highest gasoline price region, Seoul, recorded 1,643.7 KRW per liter, up 5.2 KRW from the previous week, while the lowest price region, Daegu, saw an increase of 8.6 KRW to 1,541.0 KRW per liter.

The Korea National Oil Corporation stated, "International oil prices have risen due to escalating tensions between the United States and Iran, as well as estimates of reduced crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) in December."

International oil price changes are typically reflected domestically with a 2 to 3 week delay. Therefore, considering the recent Middle East risks, domestic fuel prices are expected to rise further.

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