Gasoline Prices at Gas Stations Rise for 7 Consecutive Weeks... Nationwide Average 1,430.1 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide rose last week as well, marking a seven-week consecutive increase.

According to the Korea National Oil Corporation's oil price information service Opinet on the 9th, the average gasoline price at gas stations nationwide during the first week of January (January 4?7) was 1,430.1 KRW per liter, up 16.7 KRW from the previous week.

The highest price region nationwide, Seoul, recorded a gasoline price of 1,504.9 KRW per liter, up 14.8 KRW from the previous week, which was 74.8 KRW higher than the national average (1,430.1 KRW). Seoul is the only region where the price exceeded 1,500 KRW per liter. The lowest price region, Gyeongnam, saw its gasoline price rise 17.9 KRW to 1,411.1 KRW per liter compared to the previous week.

By brand, GS Caltex gas stations had the highest gasoline price at 1,439.8 KRW per liter, while discount gas stations offered the lowest price at 1,392.4 KRW per liter.

Last week, the nationwide diesel price at gas stations also rose 16.7 KRW from the previous week to 1,230.9 KRW per liter.

International oil prices continued their upward trend last week. The price of Dubai crude oil, the benchmark for oil imported into Korea, rose 1.7 dollars from the previous week to 52.8 dollars per barrel.

International gasoline prices increased by 2.2 dollars to 56.7 dollars per barrel compared to the previous week, and international automotive diesel prices rose 0.5 dollars to 57.6 dollars per barrel.

The Korea National Oil Corporation analyzed, "International oil prices are on the rise due to expectations of additional US stimulus measures, a decrease in US crude oil inventories, and Saudi Arabia's agreement on additional production cuts for February and March."

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