Gasoline Prices at Gas Stations Rise for 7 Consecutive Weeks... Seoul Maintains 2,050-Won Range

Nationwide Average Gasoline Price at Gas Stations Reaches 2,011.8 Won per Liter

This week, the weekly average prices of gasoline and diesel at domestic gas stations increased for the seventh consecutive week.

According to Opinet, the oil price information system of Korea National Oil Corporation, the nationwide average retail price of gasoline at gas stations during the second week of May (May 10–14) was 2,011.8 won per liter, up 0.6 won from the previous week.

By region, Seoul recorded the highest price at 2,051.8 won, up 0.8 won from the previous week, maintaining the 2,050-won level for the second consecutive week. Daegu, which had the lowest prices, remained unchanged from last week at 1,995.8 won.

March 27 at a gas station in Seoul. Photo by Jinhyung Kang

By brand, SK Energy gas stations recorded the highest average price at 2,017.1 won, while Altteul (discount) gas stations had the lowest at 1,995.9 won.

The average retail price of diesel was 2,006.2 won, up 0.8 won from the previous week.

This week, international oil prices initially declined due to expectations that the U.S.-China summit could lead to an end to the Middle East war; however, as the summit did not yield concrete results regarding war termination, prices rebounded.

As of May 15, the July contract for Brent crude oil on the ICE Futures Exchange closed at $109.26 per barrel, up 3.4% from the previous session.

On the New York Mercantile Exchange, the June contract for West Texas Intermediate (WTI) crude oil settled at $105.42 per barrel, a 4.2% increase.

Fluctuations in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.

Earlier, the government decided to freeze the fifth round of maximum oil prices, which has been in effect since May 8. Accordingly, the price caps remain at 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.

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