'Fuel tax cut useless against high oil prices'... Gas station gasoline price rises by 10.1 won

Dubai Oil Price at $86.1 in the Third Week of January... Up $4.2 from the Previous Week

Gasoline prices at gas stations nationwide have been declining for six consecutive weeks since the government's fuel tax reduction measure in November. The price of gasoline in Seoul has dropped to the 1,600 won per liter range for the first time in five months. According to Opinet, the oil price information site operated by the Korea National Oil Corporation, the gasoline selling price in the fourth week of this month recorded 1,634.6 won per liter, down 14.3 won from the previous week. The photo shows a gas station in downtown Seoul on the 26th. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have turned upward after 10 weeks since the government's fuel tax reduction measure (November 12). In Seoul, where prices had been rising since last week, the price exceeded 1,700 won.

According to Opinet, the oil price information site of the Korea National Oil Corporation, the gasoline retail price at gas stations nationwide in the third week of this month recorded 1,632.0 won per liter, up 10.1 won from the previous week.

By region, the gasoline price in Seoul, the highest-priced area nationwide, rose 13.0 won to 1,703.8 won per liter, while Daegu, the lowest-priced area, increased by 16.3 won to 1,601.7 won per liter. By brand, GS Caltex gas stations were the most expensive at 1,641.5 won per liter, and discount gas stations were the cheapest at 1,596.7 won per liter.

The nationwide diesel retail price at gas stations also rose 10.1 won to 1,450.0 won per liter.

International oil prices rose for the fourth consecutive week. The average price of Dubai crude, the benchmark for domestic imported crude oil, increased by $4.2 to $86.1 per barrel. International gasoline prices rose by $3.8 to $97.9 per barrel.

The Korea National Oil Corporation explained, "This week, international oil prices are on the rise due to factors such as the IEA's upward revision of demand forecasts, the explosion of the Iraq-Turkey oil pipeline, and increased tensions related to Ukraine."

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