Gasoline Prices Rise for 7 Consecutive Weeks... Nationwide Average 1,359.4 Won

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

According to the Korea National Oil Corporation's fuel price information service on the 11th, the domestic gasoline retail price in the second week of July 2020 recorded 1,359.4 KRW per liter, up 4 KRW from the previous week. Diesel prices rose 3.8 KRW during the same period to 1,162.3 KRW.

The region with the highest gasoline price was Seoul, recording 1,452.3 KRW, up 3.9 KRW from the previous week. Daegu was the cheapest region at 1,337.1 KRW. Looking at gasoline prices by brand, Altteul Gas Station had the lowest average price at 1,324.4 KRW. The most expensive gas station for gasoline was SK Energy, recording 1,367.6 KRW.

Domestic gasoline prices rose in tandem as international oil prices rebounded in May and June. International oil prices are generally reflected in domestic gasoline prices with a time lag of 2 to 3 weeks.

However, since international oil prices peaked in the fourth week of June and slightly declined in the first week of this month, it is expected that the upward trend in gasoline prices will somewhat slow down starting next week.

The Korea National Oil Corporation explained, "The International Energy Agency (IEA) forecasts that global oil demand will recover to pre-COVID-19 pandemic levels, and expectations for additional economic stimulus measures in the US and the UK are reflected, resulting in a firm international oil price."