Gasoline and Diesel Prices Exceed 2,000 Won per Liter... Rising for 4 Consecutive Weeks

Gasoline up 19.3 won, Diesel up 8.1 won this week
"High oil prices to continue for the time being"

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Domestic gasoline and diesel prices have shown an upward trend for four consecutive weeks.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the average retail price of gasoline at gas stations nationwide in the first week of June (5.29?6.2) was 2,013.0 KRW per liter, up 19.3 KRW from the previous week. Due to the expansion of the fuel tax reduction rate from the previous 20% to 30% starting last month, gasoline prices in the first week of May fell by 44.2 KRW compared to the previous week, but prices have risen for four consecutive weeks since then.

The average gasoline price this week in Seoul, the region with the highest prices in the country, was 2,087.2 KRW per liter, up 23.2 KRW from the previous week, while Daegu, the region with the lowest prices, recorded 1,988.3 KRW per liter, up 21.9 KRW from the previous week. By brand, GS Caltex gas stations were the most expensive with an average of 2,021.8 KRW per liter, and Altteul gas stations were the cheapest at 1,990.4 KRW.

The average diesel price this week was 2,008.4 KRW per liter, up 8.1 KRW from the previous week. Due to international diesel supply disruptions causing price surges, domestic diesel prices surpassed gasoline prices on May 11. In particular, on May 24, diesel prices exceeded the 2,000 KRW mark for the first time. However, as gasoline prices sharply rose again afterward, gasoline prices once again surpassed diesel prices on May 28. A representative from the Korea Petroleum Association stated, "With international gasoline and diesel prices continuing to rise, the prices of petroleum products distributed domestically will also maintain their strength," adding, "Since there are no apparent factors for a decline, the upward trend is expected to continue for the time being."

This week, international gasoline prices rose due to the easing of lockdown measures in Shanghai, China, and the European Union's approval of sanctions against Russia. Dubai crude oil, the benchmark for imported crude oil in Korea, was priced at 113.0 dollars per barrel, up 3.4 dollars from the previous week, and the international average gasoline price was 148.3 dollars per barrel, up 6.8 dollars from the previous week.

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