Gasoline Prices at Gas Stations Rise for 4 Consecutive Weeks... National Average 1,357.7 Won

[Image source=Yonhap News]

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

According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide gasoline retail price in the third week of December was 1,357.7 KRW per liter, up 18.6 KRW from the previous week.

The gasoline price in Seoul, the region with the highest price nationwide, recorded 1,441.7 KRW per liter, up 17.7 KRW from the previous week. The gasoline price in Daegu, the region with the lowest price, was 1,331.3 KRW per liter, up 22.4 KRW.

By brand, SK Energy gas stations had the highest gasoline price at 1,366.5 KRW per liter. Altteul gas stations offered the lowest price at 1,323.0 KRW per liter. The nationwide diesel retail price also rose by 18.6 KRW to 1,158.2 KRW per liter compared to the previous week.

International oil price fluctuations are reflected domestically with a 2 to 3 week time lag. Recently, as international oil prices rose due to expectations of COVID-19 vaccine development and the resolution of the US economic stimulus package, fuel prices have also been volatile.

The price of Dubai crude oil, the benchmark for crude oil imported into Korea, rose by 1.7 dollars from the previous week to 50.8 dollars per barrel, recovering the 50-dollar level for the first time in nine months.

The Korea National Oil Corporation explained, "The upward trend was maintained due to the US showing a positive attitude toward an additional 900 billion dollar economic stimulus package, the November US crude oil inventory decreasing significantly more than expected, and the impact of the explosion of an oil tanker at Jeddah port in Saudi Arabia."

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