Gasoline Prices Rise for 15 Consecutive Weeks... 1,647.3 Won per Liter

Gasoline retail prices as of the second week of August.

[Sejong=Asia Economy Reporter Joo Sang-don] Domestic gasoline retail prices rose by 1.7 KRW per liter this week, marking the 15th consecutive week of increases.

According to the Korea National Oil Corporation on the 14th, the average gasoline retail price at gas stations in the second week of August recorded 1,647.3 KRW/ℓ, up 1.7 KRW from the previous week.

The average gasoline price at budget gas stations was the lowest at 1,623.7 KRW/ℓ, while GS Caltex gas stations recorded the highest price at 1,655.7 KRW/ℓ.

The highest-priced region, Seoul, saw gasoline prices rise by 1.4 KRW from the previous week to 1,731.0 KRW/ℓ, which is 83.7 KRW higher than the national average price. The lowest-priced region, Daegu, recorded a gasoline price of 1,624.6 KRW/ℓ, up 1.0 KRW from the previous week, which is 22.7 KRW lower than the national average price.

This week, diesel retail prices rose by 1.3 KRW from the previous week to 1,442.2 KRW/ℓ.

International oil prices are declining due to the continued spread of the COVID-19 Delta variant, downward revisions of China's economic growth forecasts, and the International Energy Agency (IEA)'s downward revision of oil demand forecasts. Dubai crude oil fell by 1.5 dollars per barrel from the previous week to 69.7 dollars per barrel.

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