Gasoline Prices at Gas Stations Rise for 19 Consecutive Weeks... Nationwide Average 1,533.9 Won

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 Mun Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for 19 consecutive weeks. However, the rate of increase slowed slightly this week.

According to the Korea National Oil Corporation's oil price information service Opinet on the 3rd, the average retail price of gasoline at gas stations nationwide for the fifth week of March (March 29 to April 1) was 1,533.9 KRW per liter, up 3.9 KRW from the previous week.

The region with the highest average gasoline price nationwide was Jeju Island, at 1,623 KRW per liter, surpassing Seoul, the previous highest-priced region. The lowest-priced region was Daegu, recording 1,510.8 KRW per liter.

By brand, GS Caltex gasoline was the most expensive at 1,541.4 KRW per liter, while budget gas stations offered the cheapest gasoline at 1,509.6 KRW per liter.

The nationwide average diesel price at gas stations also rose by 3.3 KRW from the previous week, reaching 1,332.2 KRW per liter.

International oil prices, which had been declining last week, turned upward again this week. The average price of Dubai crude, the benchmark for oil imported into Korea, rose by 0.7 dollars to 63.0 dollars per barrel compared to the previous week.

International gasoline prices increased by 2.1 dollars to 71.1 dollars per barrel, and international automotive diesel prices rose by 0.2 dollars to 67.1 dollars per barrel.

The Korea National Oil Corporation analyzed, "International oil prices are on the rise due to factors such as the announcement of the US infrastructure investment plan, the International Monetary Fund (IMF)'s upward revision of the global economic growth forecast, the resolution of market uncertainties following the OPEC Plus (OPEC+) agreement, and the decrease in US crude oil inventories."

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