Gasoline Prices Rise for 5 Consecutive Weeks... Over 1,700 Won per Liter for the First Time in 3 Months

27 Won Increase This Week... Nationwide 1718 Won
Seoul Nears 1800 Won Range
Domestic Oil Prices Expected to Rise Due to Ukraine Risk

On the 13th, gasoline was sold at 1,769 KRW per liter at a gas station in Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chaeseok] Gasoline prices at gas stations nationwide continued to rise for the fifth consecutive week this week, following a sharp increase in international oil prices.

According to the Korea National Oil Corporation's oil price information site Opinet on the 19th, the retail price of gasoline at gas stations in the third week of this month rose by 26.6 KRW from the previous week to 1,718.4 KRW per liter. This is the first time in three months that the nationwide gasoline price has exceeded the 1,700 KRW mark since the third week of November (1,716.6 KRW), right after the fuel tax reduction.

Domestic gasoline prices have been on the rise since the third week of last month due to the sharp increase in international oil prices. The recent weekly price increases have expanded to 15.2 KRW, 24.2 KRW, and 26.6 KRW respectively. Since international oil prices, which are a leading indicator of domestic prices, are on an upward trend, domestic gasoline prices are expected to continue rising for the time being.

By region, the average gasoline price in Jeju, the highest-priced area nationwide this week, recorded 1,788.0 KRW per liter, up 14.0 KRW from the previous week, while Busan, the lowest-priced area, was 1,687.5 KRW per liter, up 25.0 KRW from the previous week.

The gasoline price in Seoul was 1,796 KRW per liter as of the previous afternoon, and is expected to surpass the 1,800 KRW mark soon.

By brand, GS Caltex gasoline was the most expensive at 1,727.2 KRW per liter, while Altteul Gas Station was the cheapest at 1,684.5 KRW. The nationwide diesel retail price also rose by 29.0 KRW from the previous week to 1,540.2 KRW per liter.

International oil prices have reached their highest levels since October 2014 due to geopolitical factors such as escalating tensions between Russia and Ukraine. The average price of Dubai crude, the benchmark for imported crude oil, rose by 2.3 dollars from the previous week to 92.6 dollars, and the average international gasoline price increased by 3.0 dollars this week to 109.1 dollars per barrel.

The Korea National Oil Corporation analyzed, "International oil prices are currently on the rise due to strong U.S. oil demand and escalating tensions between Russia and Ukraine."

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