Gasoline Prices Rise for the First Time in 18 Weeks... Nationwide Average 1,258.6 Won

Gasoline prices at gas stations nationwide have been declining for 16 consecutive weeks. On the 17th, gasoline was sold at 1,197 won and diesel at 997 won at a gas station near Susaek Station in Seoul. Photo by Moon Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] The average gasoline price sold at gas stations nationwide rose for the first time in 18 weeks. The downward trend that had continued since January this year shifted to an upward trend after four months.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the weekly gasoline sales price at gas stations nationwide in the fourth week of this month recorded 1,258.6 KRW per liter, up 9.8 KRW from the previous week.

This week, the gasoline price at Seoul gas stations rose by 15.4 KRW to 1,357.3 KRW. The gasoline price at Daegu gas stations, the region with the lowest price, increased by 11.3 KRW from last week to 1,220.3 KRW.

By brand, the gasoline price at Altteul gas stations was the cheapest at 1,218.7 KRW, while SK Energy gas stations had the highest price at 1,271.0 KRW.

The nationwide diesel price at gas stations also rose by 8.6 KRW from last week to 168.6 KRW.

A Korea National Oil Corporation official explained, "International oil prices rose due to factors such as the increase in the U.S. refinery operating rate," but added, "Russia's lukewarm attitude toward maintaining the OPEC Plus production cut scale limited the extent of the increase."