Gasoline and Diesel Prices Rise for 6 Consecutive Weeks... Increase of Over 40 Won in Two Weeks

Gasoline up 43.4 won, Diesel up 51.9 won

Diesel surpassed 2100 won per liter yesterday afternoon

On the 12th, a gas station in downtown Seoul was selling gasoline at 2,965 won per liter and diesel at 2,990 won per liter. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] Domestic gasoline and diesel prices have shown an upward trend for six 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 third week of June (June 12-16) was 2,080.9 KRW per liter, up 43.4 KRW from the previous week.

Since last month, the fuel tax reduction rate was expanded from the existing 20% to 30%, causing gasoline prices in the first week of May to drop by 44.2 KRW from the previous week, but prices have risen continuously for six weeks thereafter. On June 11, domestic gasoline prices hit a record high for the first time in 10 years and 2 months, and have been breaking records daily since then.

The average gasoline price in Jeju, the region with the highest domestic prices, rose by 36.3 KRW to 2,166.2 KRW per liter compared to the previous week, while Gwangju, the region with the lowest prices, increased by 26.3 KRW to 35.5 KRW. By brand, GS Caltex gas stations were the most expensive with an average of 2,092.5 KRW per liter, and budget gas stations were the cheapest at 2,058.6 KRW.

The average diesel price this week was 2,082.7 KRW per liter, up 51.9 KRW from the previous week. Based on 5 p.m. the previous day, not the weekly average, diesel prices surged to 2,104.20 KRW per liter. The 2,100 KRW mark has already been broken. At the same time, gasoline was at 2,098.45 KRW per liter, just shy of breaking the 2,100 KRW barrier.

Due to international diesel supply disruptions causing price surges, domestic diesel prices surpassed 2,000 KRW per liter for the first time last month and have continued to hit record highs daily since. Considering the rising trend of international oil prices, domestic gasoline and diesel prices are expected to continue rising for the time being.

However, international gasoline prices showed a downward trend this week due to factors such as the U.S. Federal Reserve's interest rate hikes. Dubai crude oil, which is the benchmark for imported crude oil in Korea, fell by 0.7 dollars to 116.4 dollars per barrel compared to the previous week.

The average international gasoline price was 150.5 dollars per barrel, down 0.5 dollars from the previous week, while the international automotive diesel price rose by 4 dollars to 180.6 dollars per barrel.

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