On the 20th, as gasoline prices at gas stations nationwide are falling due to the spread of COVID-19 and the decline in international oil prices, a citizen is refueling at a gas station in Goyang-si, Gyeonggi Province. Photo by Mun Ho-nam munonam@
[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have slightly increased after a week. However, the increase was less than 1 won, showing virtually no change in prices.
According to the Korea National Oil Corporation's oil price information service OPINET on the 7th, the weekly gasoline retail price at gas stations nationwide for the first week of August recorded 1,361.2 won per liter, up 0.2 won from the previous week.
Gasoline prices had been falling since the end of January this year but started to rise continuously from mid-May, about four months later. However, the rate of increase has recently slowed, turning to a 0 won change in the last week of July, followed by a slight increase of less than 1 won last week, maintaining a stable trend.
The most expensive gasoline price was in Seoul, rising 1.6 won from the previous week to 1,456.3 won per liter. The lowest price region, Daegu, saw a decrease of 1.0 won to 1,335.4 won per liter.
By brand, Altteul Gas Station gasoline was the cheapest at 1,330.3 won per liter, while SK Energy gasoline was the most expensive at 1,368.7 won per liter.
Diesel retail prices also rose by 0.3 won from the previous week to 1,163.7 won per liter.
Domestic fuel prices reflect international oil price fluctuations with a 2 to 3 week lag. Since there has been little change in international oil prices recently, the industry expects fuel prices to remain relatively stable for the time being.
The Korea National Oil Corporation analyzed, "This week’s international gasoline prices remained stable compared to the previous week due to a combination of upward factors such as positive global economic indicators and Iraq’s supplementary production cuts in August, and downward factors including increased U.S. petroleum product inventories and the WTO’s forecast of decreased global trade volume."
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