Gasoline Prices at Gas Stations Rise for 14 Consecutive Weeks... Nationwide Average 1,473.3 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for 14 consecutive weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 27th, the average retail price of gasoline at gas stations nationwide in the fourth week of February was 1,473.3 KRW per liter. This is an increase of 10.2 KRW compared to the previous week.

The highest gasoline price region nationwide, Seoul, recorded 1,559.4 KRW per liter, up 11.0 KRW from the previous week, while the lowest price region, Daegu, recorded 1,447.5 KRW per liter, up 7.3 KRW.

Domestic gasoline prices have been rising for 14 consecutive weeks since November last year. The rate of increase is also gradually growing. It rose by only 1.5 KRW in the first week of this month, but then increased by 3.9 KRW, 7.3 KRW, and 10.2 KRW this week. Diesel prices showed a similar trend, rising by 10 KRW from the previous week to 1,273.3 KRW per liter.

International oil prices also continued their upward trend for four consecutive weeks. The average price of Dubai crude oil per barrel rose by 1 dollar from the previous week to 63.3 dollars, and the international gasoline price increased by 2.2 dollars to 70.2 dollars per barrel.

The Korea National Oil Corporation explained, "International oil prices are rising due to investment banks' upward forecasts for third-quarter oil prices and production disruptions in Texas caused by a cold wave in the United States."

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