[Sejong=Asia Economy Reporter Joo Sang-don] Gasoline retail prices have risen for 20 consecutive weeks.
According to the Korea National Oil Corporation on the 10th, the gasoline retail price at gas stations in the first week of April increased by 1.1 KRW from the previous week to 1,535.0 KRW/ℓ, marking a rise for 20 consecutive weeks.
The average price at budget gas stations was the lowest at 1,510.1 KRW/ℓ, while GS Caltex gas stations recorded the highest price at 1,542.3 KRW/ℓ.
The highest-priced region, Jeju, saw gasoline prices rise by 8.9 KRW from the previous week to 1,631.9 KRW/ℓ, which is 96.8 KRW higher than the national average price. The lowest-priced region, Daegu, showed a gasoline price increase of 0.6 KRW from the previous week to 1,511.4 KRW/ℓ, which is 23.6 KRW lower than the national average price.
Diesel retail prices rose by 1.2 KRW from the previous week to 1,333.4 KRW/ℓ. The average price at budget gas stations was the lowest at 1,304.2 KRW/ℓ, while GS Caltex gas stations recorded the highest price at 1,341.7 KRW/ℓ.
A Korea National Oil Corporation official stated, "This week, international oil prices are declining due to ongoing US-China conflicts, the easing of production cut scales by OPEC and Russia along with other non-OPEC major oil-producing countries in the 'OPEC Plus' (OPEC+) coalition, concerns over delayed oil demand recovery, and talks held to restore the Iran nuclear deal."
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