Gasoline Prices at Gas Stations Rise for 11 Consecutive Weeks... Nationwide Average 1,452 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for 11 consecutive weeks. However, the rate of increase has somewhat slowed down.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the average retail price of gasoline at gas stations nationwide for the first week of February (2.1?4) was 1.5 KRW higher than the previous week, recorded at 1,452 KRW per liter.

Gasoline prices, which have been rising for 11 weeks since the end of November last year, saw weekly increases peak at 31.7 KRW before recently decreasing to 24 KRW, 16.7 KRW, 9.1 KRW, 7.9 KRW, 3.3 KRW, and 1.5 KRW.

Seoul, the region with the highest prices nationwide, recorded 1,529.9 KRW per liter, up 0.9 KRW from the previous week, which is 77.9 KRW more expensive than the national average. Daegu, the region with the lowest prices, was 1,432.0 KRW per liter, up 0.3 KRW from the previous week, and 20.0 KRW cheaper than the national average.

By brand, GS Caltex gas stations were the most expensive at 1,460.6 KRW per liter, while budget gas stations were the cheapest at 1,417.1 KRW per liter.

The nationwide diesel price at gas stations also rose by 1.5 KRW from the previous week, reaching 1,252.4 KRW per liter.

The Korea National Oil Corporation analyzed, "International oil prices have been on the rise due to the approval of the budget resolution for additional U.S. economic stimulus, OPEC's recommendation to maintain crude oil production cuts, and increased demand for heating oil in the U.S."

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