Gasoline Prices at Gas Stations Rise for 4 Consecutive Weeks... Nationwide Average 1,547.5 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 have risen slightly again this week following last week.

According to the Korea National Oil Corporation's oil price information service Opinet on the 29th, the average gasoline retail price at gas stations nationwide in the fourth week of May (May 24?27) recorded 1,547.5 KRW per liter, up 4.9 KRW from the previous week.

By region, the highest price was in Seoul, where gasoline cost 1,630.6 KRW per liter, 83.2 KRW higher than the national average. The lowest price was in Daegu, where gasoline was 1,516.4 KRW per liter, 31.1 KRW lower than the national average.

By brand, GS Caltex gasoline was the most expensive at 1,555.1 KRW per liter, while Altteul Gas Stations offered the cheapest price at 1,522.0 KRW per liter.

The nationwide diesel retail price at gas stations also rose by 4.8 KRW from the previous week to 1,344.4 KRW per liter.

International oil prices rose slightly amid expectations of global economic recovery. The average price of Dubai crude oil, which serves as the benchmark for crude oil imported into Korea, was $66.7 per barrel, up $0.7 from the previous week. International gasoline prices rose $1.2 to $74.7 per barrel, and international automotive diesel prices increased by $0.6 to $74.6 per barrel.

The Korea National Oil Corporation explained, "This week, international oil prices are on the rise due to positive U.S. economic indicators, a decrease in U.S. crude oil inventories, expectations of improved oil demand, and skepticism regarding the conclusion of the Iran nuclear negotiations."

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