Gasoline Prices Rise for 18 Consecutive Weeks... "Impact of US-China Tensions and Strong Dollar Index"

Diesel Sale Price Also Increased by 12.2 Won Compared to Last Week

According to Opinet, the oil price information service of Korea National Oil Corporation, the average retail price of gasoline nationwide in the third week of March was 1,517.4 KRW per liter, up 18.8 KRW from the previous week. This is the first time in a year since the second week of March last year that the weekly average gasoline price has exceeded 1,500 KRW. A gas station in downtown Seoul on the 21st. Photo by Moon Honam munonam@

[Asia Economy Reporter Jang Sehee] The nationwide gasoline prices at gas stations continued to rise this week, marking the 18th consecutive week of increase.

According to the Korea National Oil Corporation's oil price information service Opinet on the 27th, the average gasoline selling price at gas stations nationwide in the fourth week of March was 1,530.0 KRW per liter, up 12.6 KRW from the previous week. Domestic gasoline prices have been on the rise since the end of November last year. Recent weekly increases were 9.7 KRW, 15.6 KRW, 18.4 KRW, and 12.6 KRW respectively.

The average gasoline selling price in Seoul, the region with the highest price nationwide, rose 12.1 KRW to 1,614.7 KRW per liter, while the price in Daegu, the region with the lowest price, increased by 13.3 KRW to 1,506.8 KRW per liter.

By brand, GS Caltex gasoline was the most expensive at 1,538.0 KRW per liter, while the cheapest was at budget gas stations at 1,502.1 KRW per liter.

The nationwide diesel selling price at gas stations also rose by 12.2 KRW from the previous week to 1,329.0 KRW per liter.

International oil prices showed a downward trend this week. The average price of Dubai crude oil, which is the benchmark for crude oil imported into Korea, was $62.4 per barrel, down $3.4 from the previous week.

International gasoline prices fell by $4.4 to $69.0 per barrel, and international automotive diesel prices dropped by $4.0 to $66.9 per barrel.

Meanwhile, the Korea National Oil Corporation analyzed that "international oil prices are declining due to heightened US-China tensions, a strong dollar index, and strengthened European movement restrictions due to new COVID-19 cases."

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