"Has It Risen Enough? Oil Price Increase Drops to 1 Won Range"

[Asia Economy Reporter Choi Dae-yeol] Gasoline prices at gas stations nationwide have risen for 15 consecutive weeks through this week. However, the rate of increase has recently slowed down. With international oil prices also turning downward, there are forecasts that the upward trend may break.

According to data from the Korea National Oil Corporation’s oil price information service Opinet on the 14th, the retail gasoline price at gas stations in the second week of this month was 1,647.3 KRW per liter, rising by only 1.7 KRW compared to the previous week. Diesel prices increased by 1.3 KRW to 1,442.2 KRW.

Gasoline prices have steadily risen, reaching the highest level since November 2008. This year, prices have been on the rise from the first week of May until recently. However, after initially increasing by more than 10 KRW weekly, the rate of increase has gradually decreased. At the end of last month, the increase was 9.1 KRW, then dropped to 3.9 KRW and 4.1 KRW, and this week it was in the 1 KRW range, effectively showing a stable trend. Diesel prices also showed a slower increase compared to last week (3.6 KRW).

By region, gasoline in Seoul rose by 1.4 KRW to 1,731.0 KRW, while the lowest price was in Daegu, rising by 1.0 KRW to 1,624.6 KRW. By brand, GS Caltex gasoline was the most expensive at 1,655.7 KRW, up 2.2 KRW, and the lowest was at discount gas stations, which rose by 2.3 KRW to 1,623.7 KRW.

International oil prices have been declining since last week. The average price of Dubai crude, the benchmark for oil imported into Korea, fell by 1.5 dollars to 69.7 dollars per barrel, dropping below 70 dollars for the first time since the end of May (66.3 dollars). International gasoline prices were recorded at 80.3 dollars per barrel, down 1.4 dollars.

The Korea National Oil Corporation explained, "International oil prices are declining due to the continued spread of the Delta variant, downward revisions of China’s economic growth forecasts, and lowered oil demand outlooks."

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