Nationwide Gasoline Prices Rise for 9 Consecutive Weeks... Prices Fall in Seoul, Busan, and Others

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices sold at gas stations nationwide have risen for nine consecutive weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 18th, the nationwide gasoline selling price in the third week of January increased by 6.0 KRW per liter (ℓ) from the previous week to 1,571.1 KRW.

On a weekly basis, the gasoline price in the Seoul area rose by 4.3 KRW to 1,648.0 KRW per liter (ℓ), and the gasoline price in the Daegu area increased by 7.2 KRW to 1,548.2 KRW.

However, gasoline prices at gas stations in Seoul began to decline on the 14th, Busan on the 13th, and Incheon on the 12th. Gasoline prices have also been falling since the second week of this month in Daegu, Gwangju, Daejeon, Ulsan, Gyeonggi, Chungnam, and Jeju. The refining industry explained that the decline in gasoline selling prices was first reflected mainly in metropolitan cities where fuel consumption is high.

The gas station brand with the highest price was SK Energy at 1,584.6 KRW, and the lowest-priced budget gas station was recorded at 1,542.3 KRW.

Diesel prices also rose for two consecutive months until the second week of this month, surpassing 1,400 KRW. It was 1,400.9 KRW per liter (ℓ), up 4.5 KRW from the previous week.

The Korea National Oil Corporation explained, "International oil prices fell due to an increase in U.S. petroleum product inventories and crude oil production, as well as a reduction in the possibility of military actions between the U.S. and Iran."