Gasoline Prices at Gas Stations Stable for 3 Consecutive Weeks... Nationwide Average 1,534 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 Moon Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide remained steady for the third consecutive week.

According to the Korea National Oil Corporation's oil price information service Opinet on the 1st, the average retail price of gasoline at gas stations nationwide in the fourth week of April (April 26?29) was 1,534.0 KRW per liter, down 0.3 KRW from the previous week.

Domestic gasoline prices, which had steadily risen since the end of November last year, saw a sharp slowdown in the upward trend this month, and price increases stopped from the second week of this month. Recently, weekly domestic gasoline prices fell by 0.2 KRW, 0.6 KRW, and 0.3 KRW respectively.

By region, Jeju was the most expensive at 1,619.4 KRW per liter, 85.5 KRW higher than the national average. The second highest was Seoul, with an average of 1,613 KRW per liter. Daegu, the region with the lowest price, was recorded at 1,509.7 KRW per liter, 24.3 KRW cheaper than the national average.

By brand, SK Energy was the most expensive at 1,541.1 KRW per liter, while budget gas stations were the cheapest at 1,508.2 KRW per liter.

The nationwide diesel retail price also slightly declined following last week. This week's average diesel retail price was 1,332.0 KRW per liter, down 0.3 KRW from the previous week.

International oil prices, which had been rising last week, remained steady this week. The average price of Dubai crude, the benchmark for crude oil imported into Korea, recorded $63.6 per barrel, down $0.3 from the previous week.

The Korea National Oil Corporation analyzed, "Factors driving oil prices up include the US administration's willingness for economic stimulus and OPEC+'s plan to ease production cuts, while factors pushing prices down include the increasing trend of new COVID-19 cases in India and Japan, resulting in international oil prices remaining steady."

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