Gasoline Prices at Gas Stations Rise for 8 Consecutive Weeks... Nationwide Average 1,587.5 Won

According to Opinet, the oil price information service of Korea National Oil Corporation, the average gasoline selling 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 Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have been rising for eight consecutive weeks. Since domestic gasoline prices follow international oil price trends with a 2 to 3 week lag, gasoline prices are expected to continue rising for the time being.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the average gasoline retail price at gas stations nationwide in the fourth week of June (6.21?24) recorded 1,587.5 KRW per liter, up 11.2 KRW from the previous week.

By region, Seoul, the area with the highest price, recorded 1,671.4 KRW per liter, which is 84 KRW higher than the national average. Daegu, the area with the lowest price, recorded 1,563.0 KRW per liter, 24.5 KRW lower than the national average. By brand, SK Energy gas stations were the most expensive at 1,595.8 KRW per liter, while discount gas stations were the cheapest at 1,554.7 KRW per liter.

The nationwide diesel retail price at gas stations also rose by 11.5 KRW from the previous week to 1,384.7 KRW per liter.

International oil prices continued their upward trend last week. The average price of Dubai crude, the benchmark for crude oil imported into Korea, was $72.9 per barrel, up $0.9 from the previous week.

The Korea National Oil Corporation analyzed, "International oil prices are on the rise due to factors such as easing concerns over U.S. interest rate hikes, the agreement on President Biden's infrastructure investment bill, and a decrease in U.S. crude oil inventories."

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