Last Week Gasoline Price 1,537 Won per Liter... Up 2.7 Won

[Asia Economy Reporter Joo Sang-don] Gasoline and diesel prices at gas stations both showed an upward trend in the second week of May.

According to the Korea National Oil Corporation on the 16th, gasoline rose by 2.7 KRW from the previous week to 1,537.0 KRW/ℓ, and diesel prices increased by 2.3 KRW from the previous week to 1,334.5 KRW/ℓ.

The average price at budget gas stations for gasoline was the lowest at 1,511.5 KRW/ℓ, while SK Energy gas stations recorded the highest price at 1,544.4 KRW/ℓ.

The highest-priced region, Jeju, saw gasoline prices fall by 0.1 KRW from the previous week to 1,619.2 KRW/ℓ, which is 82.2 KRW higher than the national average price. The lowest-priced region, Daegu, had gasoline prices decrease by 0.7 KRW from the previous week to 1,510.7 KRW/ℓ, which is 26.3 KRW lower than the national average price.

This week, international oil prices remain steady due to a combination of factors: upward pressure from reduced 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. Dubai crude oil was priced at $66.3 per barrel last week, up $0.1 from the previous week.