Gasoline Prices at Gas Stations Rise by 1.1 Won from Last Week... Increase Rate Slows Down

According to Opinet, the oil price information service of Korea National Oil Corporation, the average gasoline price at gas stations 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 Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for 20 consecutive weeks. However, the rate of increase has significantly slowed.

According to the Korea National Oil Corporation's oil price information service Opinet on the 10th, the average gasoline retail price at gas stations nationwide during the first week of April (April 5?8) was 1.1 KRW higher than the previous week, recorded at 1,535.0 KRW per liter.

Domestic gasoline prices have been rising continuously since the end of November last year. However, the weekly increase has been slowing down recently from 18.4 KRW to 12.6 KRW, then 3.9 KRW, and finally 1.1 KRW.

The average gasoline retail price in the Jeju region was 1,631.9 KRW per liter, which is 96.8 KRW higher than the national average, making it the most expensive area nationwide. The second highest was Seoul, with an average of 1,616 KRW per liter.

The lowest priced region, Daegu, recorded a gasoline price of 1,511.4 KRW per liter, up 0.6 KRW from the previous week.

By brand, GS Caltex gasoline was the most expensive at 1,542.3 KRW per liter, while the cheapest was at budget gas stations at 1,510.1 KRW per liter.

The nationwide diesel retail price at gas stations also rose by 1.2 KRW from the previous week, reaching 1,333.4 KRW per liter.

International oil prices, which had been rising last week, showed a downward trend this week.

The average price of Dubai crude oil, the benchmark for crude oil imported into Korea, fell by 1.6 dollars from the previous week to 61.3 dollars per barrel.

International gasoline prices dropped by 1.0 dollar to 70.1 dollars per barrel, and international automotive diesel prices decreased by 0.1 dollar to 67.0 dollars per barrel.

The Korea National Oil Corporation analyzed, "International oil prices declined due to ongoing US-China conflicts, the easing of production cuts by OPEC Plus (OPEC+), and concerns over delayed recovery in oil demand."

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