Gasoline Prices at Gas Stations Continue for 12 Weeks... Nationwide Average 1,318.3 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for 12 consecutive weeks.

According to the Korea National Oil Corporation's oil price information service OPINET on the 14th, the nationwide gasoline retail price in the second week of November was 1,318.3 KRW per liter, down 4.0 KRW from the previous week.

The gasoline price in Seoul fell 4.5 KRW from the previous week to 1,407.5 KRW per liter, which was 89.2 KRW higher than the national average price. The lowest price region, Daegu, recorded a gasoline price of 1,284.0 KRW per liter, down 2.3 KRW.

By brand, SK Energy gasoline was the most expensive at 1,327.4 KRW per liter, while Altteul Gas Station gasoline was the cheapest at 1,288.1 KRW per liter.

The nationwide diesel retail price at gas stations also fell 4.2 KRW from the previous week to 1,118.3 KRW per liter.

International oil prices, which had been stable until last week, rose this week. The Dubai crude oil price increased by 3.4 dollars from the previous week to 42.8 dollars per barrel. The Dubai crude oil price regained the 40-dollar level this week. International gasoline prices rose 3.6 dollars to 45.5 dollars per barrel.

The Korea National Oil Corporation explained, "International oil prices rose due to expectations for COVID-19 vaccine development, expansion of monetary easing policies, and the possibility of an increase in production cut scale by the Organization of the Petroleum Exporting Countries (OPEC)."

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