National Gasoline Price at 1,739.8 Won per Liter... Rising Due to 'Ukraine Invasion'

Up 21.4 Won Compared to Last Week
Seoul and Jeju Already Surpass 1800 Won

On the 23rd, when domestic gasoline prices were rising sharply due to the surge in international oil prices, a gas station in downtown Seoul was quiet. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] As international oil prices surged, gasoline prices at gas stations nationwide continued to rise for the sixth consecutive week.

According to the Korea National Oil Corporation's oil price information site Opinet on the 26th, the gasoline retail price at gas stations in the fourth week of this month was 1,739.8 KRW per liter, up 21.4 KRW from the previous week. Nationwide gasoline prices had fallen for nine consecutive weeks following the fuel tax reduction measure implemented in mid-November last year but have turned upward again, rising back to the 1,700 KRW level since last week, three months later. The upward trend began in the third week of January, with weekly increases of 15.2 KRW, 24.2 KRW, 26.6 KRW, and 21.4 KRW respectively.

By region, gasoline prices in Seoul and Jeju exceeded 1,800 KRW per liter. As of the 24th, Jeju's price was 1,825.6 KRW per liter, and Seoul's was 1,810.5 KRW. By brand, GS Caltex gasoline was the most expensive at 1,748.3 KRW per liter, while discount gas stations offered the cheapest price at 1,707.8 KRW per liter.

The nationwide diesel retail price at gas stations also rose by 24.3 KRW from the previous week, reaching 1,564.5 KRW per liter.

Due to factors such as Russia's invasion of Ukraine, international oil prices continued their upward trend. The price of Dubai crude oil, the benchmark for domestic imported crude, rose by 2.9 dollars from the previous week to 95.0 dollars per barrel. The average international gasoline price increased by 2.1 dollars to 110.6 dollars per barrel.

There are even industry forecasts that international oil prices could surpass 100 dollars per barrel due to uncertainties surrounding the Ukraine situation. If the conflict prolongs, concerns are growing that domestic gasoline prices could potentially exceed the 2,000 KRW level. For this reason, the government is considering extending the fuel tax reduction measure to mitigate the impact of rising oil prices.

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