Gasoline Prices at Gas Stations Rise for 9 Consecutive Weeks... Nationwide Average 1,447.2 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have been on the rise for nine consecutive weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 23rd, the average gasoline price at gas stations nationwide for the third week of January (January 18?21) was 1,447.2 KRW per liter, up 7.9 KRW from the previous week.

The weekly increase in price per liter grew from 1.4 KRW to 8.2 KRW, 12.2 KRW, 18.6 KRW, and 31.7 KRW, then decreased to 24 KRW, 16.7 KRW, 9.1 KRW, and 7.9 KRW.

The highest-priced region nationwide, Seoul, recorded a gasoline price of 1,525.4 KRW per liter, up 10.4 KRW from the previous week, which is 78.2 KRW higher than the national average. Seoul is the only region where prices exceeded 1,500 KRW per liter.

The lowest-priced region, Daegu, saw gasoline prices rise by 11.6 KRW to 1,430.3 KRW per liter, which is 16.9 KRW lower than the national average.

By brand, GS Caltex gas stations had the highest gasoline price at 1,456.8 KRW per liter, while budget gas stations offered the lowest price at 1,408.2 KRW per liter.

The nationwide diesel price at gas stations also rose by 7.8 KRW to 1,247.6 KRW per liter compared to the previous week.

The Korea National Oil Corporation analyzed that "international oil prices showed a slight downward trend due to the International Energy Agency (IEA)'s downward revision of the 2021 oil demand forecast and a temporary decrease in COVID-19 vaccine supply to Europe."