Gasoline Prices at Gas Stations, National Average 1,534.8 Won

According to Opinet, the oil price information service of Korea National Oil Corporation, the average retail price of gasoline nationwide in the third week of March was 1,517.4 KRW per liter, up 18.8 KRW from the previous week. This is the first time in a year since the second week of March last year that the weekly average gasoline price has exceeded 1,500 KRW. A gas station in downtown Seoul on the 21st. Photo by Moon Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations have turned to a downward trend.

According to the Korea National Oil Corporation's oil price information service OPINET on the 17th, the nationwide gasoline retail price at gas stations in the second week of April recorded 1,534.8 KRW per liter, down 0.2 KRW from the previous week. The average diesel retail price also fell by 0.3 KRW from the previous week to 1,333.1 KRW per liter.

By region, Jeju, which has the highest price, recorded a gasoline price of 1,632.5 KRW per liter, up 0.7 KRW from the previous week. Daegu, the region with the lowest price, had a gasoline price of 1,511.1 KRW per liter.

By brand, the average gasoline price at Altteul gas stations was the lowest at 1,510.1 KRW per liter. The most expensive was GS Caltex gas stations, with a gasoline price of 1,542.0 KRW per liter.

International oil prices have stopped declining and returned to an upward trend this week. The average price of Dubai crude oil, which is the benchmark for crude oil imported into Korea, recorded 62.4 dollars per barrel, up 1.0 dollar from the previous week.

The Korea National Oil Corporation stated, "The rise is due to the Federal Reserve's indication of maintaining an accommodative monetary policy, a decrease in U.S. crude oil inventories, an upward revision of this year's oil demand forecast, and instability in the Middle East caused by the Yemeni rebels' attack on Saudi Arabia and Iran's announcement of uranium enrichment expansion."