[Sejong=Asia Economy Reporter Son Seonhee] Gasoline prices at gas stations nationwide have remained steady for the fourth consecutive week.
According to the Korea National Oil Corporation's oil price information service, Opinet, the average retail price of gasoline at gas stations nationwide during the first week of May (May 3?6) was 1,534.3 KRW per liter, up 0.3 KRW from the previous week.
Domestic gasoline prices rose for 20 consecutive weeks starting from the end of November last year but halted their upward trend last month and have since maintained a steady level with fluctuations of less than 1 KRW over the past four weeks.
By region, Jeju recorded the highest price at 1,619.2 KRW per liter, which is 85.0 KRW above the national average. Seoul followed with an average of 1,615 KRW per liter. The cheapest gasoline price was found in Daegu at 1,510.0 KRW per liter.
By brand, SK Energy was the most expensive at 1,541.1 KRW per liter, while budget gas stations (Altteul Juyuso) offered the lowest price at 1,508.7 KRW per liter.
Diesel prices at gas stations nationwide also saw a slight increase. The average diesel retail price this week was 1,332.2 KRW per liter, up 0.2 KRW from the previous week.
International oil prices rose due to expectations of increased oil demand amid economic recovery. The average price of Dubai crude, the benchmark for crude oil imported into Korea, recorded $66.3 per barrel, up $2.4 from the previous week.
International gasoline prices rose by $2.5 to $75.4 per barrel, and international automotive diesel prices increased by $2.4 to $73.0 per barrel.
The Korea National Oil Corporation analyzed, "International oil prices are on the rise due to factors such as improved U.S. employment indicators, expectations of improved oil demand between the U.S. and China, and a decrease in U.S. crude oil inventories."
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