January 3rd Week Gasoline Price at 1,447.2 Won per Liter... 9 Consecutive Weeks of Increase

Korea National Oil Corporation, Weekly Domestic Petroleum Product Price Trends

[Asia Economy Reporter Joo Sang-don] Last week, gasoline and diesel prices at gas stations showed a simultaneous upward trend.

According to the Korea National Oil Corporation on the 24th, the retail price of gasoline at gas stations in the third week of January rose by 7.9 KRW per liter from the previous week to 1,447.2 KRW, marking the ninth consecutive week of increase. Diesel prices rose by 7.8 KRW to 1,247.6 KRW.

Based on gasoline, the average price at Altteul gas stations was the lowest at 1,408.2 KRW, while GS Caltex gas stations recorded the highest price at 1,456.8 KRW.

For diesel, the average price at Altteul gas stations was the lowest at 1,208.0 KRW, and GS Caltex gas stations had the highest price at 1,257.8 KRW.

In Seoul, the region with the highest prices, gasoline prices rose by 10.4 KRW from the previous week to 1,525.4 KRW, which is 78.2 KRW higher than the national average price. In Daegu, the region with the lowest prices, gasoline prices increased by 11.6 KRW to 1,430.3 KRW, which is 16.9 KRW lower than the national average price.

Meanwhile, international oil prices in the third week of January showed a slight decline due to factors such as the International Energy Agency (IEA)'s downward revision of the 2021 oil demand forecast (about 97 million b/d down by about 280,000 b/d), temporary reduction in Pfizer COVID-19 vaccine supply to Europe, and Qatar's call for dialogue between Arab countries and Iran.

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