Gasoline Prices at Gas Stations Rise for the First Time in 17 Weeks... "Upward Trend Expected for a While"

Due to the rise in international oil prices, the weekly average selling price of gasoline and diesel at domestic gas stations has turned upward for the first time in 17 weeks.

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According to the Korea National Oil Corporation's oil price information system Opinet on the 3rd, the average selling price of gasoline at gas stations nationwide in the fifth week of January (January 28 to February 1) was 1,579 KRW per liter, up 15.3 KRW from the previous week.

Seoul, the region with the highest price nationwide, recorded 1,663.6 KRW, up 2.45 KRW from the previous week, while Daegu, with the lowest price, rose 26.7 KRW to 1,547 KRW. By brand, GS Caltex gas stations had the highest price at 1,587.5 KRW, and budget gas stations had the lowest price at 1,543.9 KRW. The average selling price of diesel also ended its decline along with gasoline, rising 12.9 KRW from the previous week to 1,485.9 KRW per liter.

The weekly average selling price of gasoline and diesel at domestic gas stations rose for the first time in 17 weeks since turning downward in the second week of October (8th to 12th). The previous decline in domestic gasoline and diesel prices was due to a drop in demand caused by the global economic slowdown and an increase in supply due to the U.S. shale oil production increase, which led to a decrease in international petroleum product prices.

This week, international oil prices rose due to heightened geopolitical risks following the death of U.S. troops stationed in Jordan and the International Monetary Fund (IMF) raising its global economic growth forecast for this year from 4.2% to 4.5%. Dubai crude, the benchmark for imported crude oil prices, rose $2.1 to $82 per barrel compared to the previous week. International gasoline prices increased by $2.1 to $97.4, and automotive diesel rose by $3.8 to $108.1. Changes in international oil prices typically take about two weeks to be reflected in domestic gas station selling prices.

An official from the Korea Petroleum Association said, "International petroleum product prices have been rising continuously for about four weeks recently, especially with a strong upward trend in international gasoline prices," adding, "The upward trend is expected to continue for about the next two weeks."

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