Gasoline Prices Rise for 12 Consecutive Weeks... 1,637.2 Won per Liter

[Asia Economy Reporter Jusangdon Joo] Gasoline prices have risen for 12 consecutive weeks.

According to the Korea National Oil Corporation on the 24th, the retail gasoline price at gas stations in the third week of July increased by 9.1 KRW from the previous week to 1,637.2 KRW/liter, marking a 12-week continuous upward trend.

The average price at budget gas stations was the lowest at 1,610.8 KRW/liter, while GS Caltex gas stations recorded the highest price at 1,645.0 KRW/liter.

The highest-priced region, Seoul, saw gasoline prices rise by 9.9 KRW from the previous week to 1,720.1 KRW/liter, which is 82.9 KRW higher than the national average price. The lowest-priced region, Daegu, recorded a gasoline price increase of 7.2 KRW from the previous week to 1,616.0 KRW/liter, which is 21.1 KRW lower than the national average price.

This week, diesel retail prices rose by 8.9 KRW from the previous week to 1,433.3 KRW/liter.

International oil prices have been declining due to ongoing conflicts between the United States and China, the easing of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) plus Russia and other non-OPEC major oil-producing countries, and continued concerns over the spread of the COVID-19 Delta variant. Dubai crude oil fell by 2.8 dollars per barrel from the previous week to 70.6 dollars per barrel.

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