Gasoline Price at Gas Stations Surges by 8.2 Won... Nationwide Average 1327.0 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide rose significantly by 8 won per liter compared to last week.

According to the Korea National Oil Corporation's oil price information service Opinet on the 5th, the nationwide gasoline retail price in the first week of December was 1,327.0 won per liter, up 8.2 won from the previous week.

Gasoline prices remained steady in July and August, declined in September, but rebounded last week after 14 weeks, entering an upward trend again. The increase was only 1.4 won last week, but this week it grew to 8.2 won.

International oil price fluctuations are reflected domestically with a 2 to 3 week time lag. Recently, expectations for the development of a COVID-19 vaccine have driven international oil prices up, causing domestic fuel prices to rise as well.

The highest price region nationwide, Seoul, saw gasoline prices rise by 6.7 won to 1,414.4 won per liter compared to last week. The lowest price region, Daegu, experienced a 9.7 won increase, reaching 1,295.1 won per liter.

By brand, SK gas stations had the highest average gasoline price at 1,336.1 won per liter, while discount gas stations offered the lowest price at 1,295.5 won per liter.

Diesel prices at gas stations nationwide also rose by 8.5 won to 1,127.2 won per liter compared to last week.

The Korea National Oil Corporation explained, "International oil prices maintained an upward trend as uncertainties were resolved due to the resumption of negotiations on additional US stimulus, emergency approval of COVID-19 vaccines, and decisions on production cuts by OPEC+?the consultative group of OPEC and non-OPEC major oil-producing countries?as well as a decrease in US crude oil inventories."