Gasoline Prices Rise for 3 Consecutive Weeks... Nationwide Average 1,305.6 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for three consecutive weeks.

According to the Korea National Oil Corporation's oil price information service OPINET on the 13th, the weekly gasoline retail price at gas stations nationwide in the second week of this month was 1,305.6 KRW per liter, up 27.5 KRW from the previous week.

Previously, gasoline prices at gas stations had been declining for more than four months since January due to the impact of COVID-19 and the plunge in international oil prices. However, since April, international oil prices began to rise again, and domestic gasoline prices at gas stations rebounded around mid-May.

The gasoline price in the Daegu region, where prices are the cheapest, was 1,273.9 KRW, still below the 1,300 KRW mark.

The nationwide diesel retail price at gas stations was 1,111.7 KRW, up 27.5 KRW from the previous week.

International oil prices, which have a decisive impact on gas station prices, also continued their upward trend. The price of Dubai crude oil, the benchmark for crude oil imported into Korea, was recorded at 41.3 dollars per barrel, up 2.1 dollars.

The Korea National Oil Corporation explained, "International oil prices rose due to the agreement to extend OPEC+ production cuts by one month and major investment banks' upward forecasts for oil prices."

This content was produced with the assistance of AI translation services.