Gasoline Prices at Gas Stations Rise... Nationwide Average 1,537 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 nationwide have risen slightly.

According to the Korea National Oil Corporation's oil price information service Opinet on the 15th, the average gasoline selling price at gas stations nationwide in the second week of May recorded 1,537.0 KRW per liter, up 2.7 KRW from the previous week.

Domestic gasoline prices had been rising for 20 consecutive weeks since the end of November last year but stopped rising at the end of last month and recently showed a stable trend. This week, prices rose again moderately by 2.7 KRW.

By region, the highest price area, Jeju, had a gasoline price of 1,619.2 KRW per liter, which was 82.2 KRW higher than the national average. The lowest price area, Daegu, had a gasoline price of 1,510.7 KRW per liter, which was 26.3 KRW lower than the national average.

By brand, SK Energy gasoline was the most expensive at 1,544.4 KRW per liter, while Altteul Gas Stations were the cheapest at 1,511.5 KRW per liter.

The nationwide diesel selling price at gas stations also rose by 2.3 KRW from the previous week to 1,334.5 KRW per liter.

International oil prices remained stable. The international gasoline price was $75.4 per barrel, the same as last week.

The Korea National Oil Corporation explained, "This week, international oil prices are stable due to a combination of factors: upward pressure from the decrease in U.S. crude oil inventories and expectations of improved oil demand, and downward pressure from concerns over interest rate hikes due to rising U.S. inflation and reduced crude oil imports by Indian refiners."