[Asia Economy Reporter Hwang Yoon-joo] Domestic gasoline prices at major gas stations have slightly increased due to the rise in international oil prices. This is the first time in 14 weeks since the end of July this year that gasoline prices at major gas stations have risen.
According to the Korea National Oil Corporation's oil price information service Opinet on the 28th, the nationwide average gasoline selling price for the fourth week of November (11.23?26) was 1.4 KRW higher than the previous week, at 1,318.8 KRW per liter.
Diesel prices at gas stations also rose by 1.4 KRW from the previous week, recording 1,118.7 KRW per liter.
Changes in international oil prices are reflected domestically with a 2 to 3 week time lag. The expectation of COVID-19 vaccine development and other factors caused international oil prices to start rising significantly from the second week of this month, which affected domestic gasoline prices.
The highest gasoline price region, Seoul, recorded 1,407.7 KRW per liter, which is 88.9 KRW higher than the national average (1,318.8 KRW). The lowest price region, Daegu, was 1,285.4 KRW per liter, 33.4 KRW lower than the national average.
By brand, SK Energy gas stations had the highest average gasoline price at 1,328.3 KRW per liter, while budget gas stations (Altteul gas stations) were the cheapest at 1,285.9 KRW per liter.
The Korea National Oil Corporation explained, "International oil prices are on the rise due to continued positive factors such as COVID-19 vaccine development, a decrease in U.S. crude oil inventories, and expectations for the extension of the existing production cut scale by the Organization of the Petroleum Exporting Countries (OPEC)."
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