Gasoline Prices Exceed 1,600 Won per Liter... Rising for 9 Consecutive Weeks

[Asia Economy Reporter Jusangdon Joo] Gasoline prices have risen for nine consecutive weeks, surpassing 1,600 won per liter.

According to the Korea National Oil Corporation on the 3rd, the retail price of gasoline at gas stations in the fifth week of June recorded 1,600.9 won/ℓ, up 13.5 won from the previous week.

The average price at budget gas stations was the lowest at 1,568.3 won/ℓ, while SK Energy gas stations recorded the highest price at 1,609 won/ℓ.

The highest-priced region, Seoul, saw gasoline prices rise 12.1 won from the previous week to 1,683.5 won/ℓ, which is 82.6 won higher than the national average price. The lowest-priced region, Daegu, recorded a gasoline price of 1,578.4 won/ℓ, up 15.4 won from the previous week, which is 22.6 won lower than the national average price.

This week, diesel retail prices rose 13.4 won from the previous week to 1,398.1 won/ℓ.

This week’s international oil prices are on the rise due to positive U.S. economic indicators, slower-than-expected production increases by the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ coalition including Russia and other non-OPEC major oil-producing countries, a decrease in U.S. crude oil inventories, and prolonged Iran nuclear negotiations. The Dubai crude price in the fifth week of June rose by $0.5 per barrel to $73.4 per barrel.

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