Gasoline Prices at Gas Stations Rise for 6 Consecutive Weeks... Nationwide Average 1,564.5 Won

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for six consecutive weeks. The weekly increase in domestic gasoline prices appears to be expanding each week.

According to the Korea National Oil Corporation's oil price information service OPINET on the 12th, the average gasoline retail price at gas stations nationwide for the second week of June (6.7?10) recorded 1,564.5 KRW per liter, up 10.4 KRW from the previous week. The weekly increases were 4.9 KRW, 6.7 KRW, and 10.4 KRW respectively.

By region, Seoul, the area with the highest price, recorded 1,647.9 KRW per liter, which is 83.4 KRW higher than the national average. Daegu, the area with the lowest price, recorded 1,536.4 KRW per liter, 28.1 KRW lower than the national average.

By brand, SK Energy was the most expensive at 1,571.6 KRW per liter, while Altteul Gas Stations were the cheapest at 1,536.6 KRW per liter.

The nationwide diesel retail price at gas stations also rose by 10.3 KRW from the previous week to 1,361.3 KRW per liter.

The average price of Dubai crude oil, which serves as the benchmark for crude oil imported into Korea, was $70.3 per barrel, up $1.0 from the previous week. International gasoline prices rose by $1.4 to $77.2 per barrel, and international automotive diesel prices increased by $1.1 to $77.9 per barrel.

The Korea National Oil Corporation analyzed, "International oil prices are on the rise due to favorable U.S. economic indicators, the Organization of the Petroleum Exporting Countries (OPEC)'s maintained oil demand outlook, and strong summer gasoline demand forecasts in the U.S. and Europe."