Gasoline Prices at Gas Stations Rise for 7 Consecutive Weeks... Nationwide Average 1,576.2 Won

According to Opinet, the oil price information service of Korea National Oil Corporation, the nationwide gasoline retail price in the second week of January recorded 1,439.3 KRW per liter, up 9.1 KRW from the previous week, continuing an eight-week consecutive rise. On the 17th, at a gas station in Seoul, gasoline was sold at 1,863 KRW per liter and diesel at 1,658 KRW per liter. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have been rising for seven consecutive weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 19th, the average retail price of gasoline at gas stations nationwide in the third week of June (6.14?17) recorded 1,576.2 KRW per liter, up 11.7 KRW from the previous week.

By region, Seoul, the highest-priced area, recorded 1,659.3 KRW per liter, which is 83.1 KRW higher than the national average. Daegu, the lowest-priced area, recorded 1,549.9 KRW per liter, which is 26.3 KRW lower than the national average.

By brand, SK Energy was the most expensive at 1,584 KRW per liter, while Altteul Gas Stations were the cheapest at 1,545.9 KRW per liter.

The nationwide diesel price at gas stations also rose by 11.9 KRW from the previous week to 1,373.2 KRW per liter.

International oil prices are also on the rise. The average price of Dubai crude oil, which Korea mainly imports, was $72.2 per barrel, up $1.9 from the previous week. International gasoline prices rose $1.6 to $79.1 per barrel, and international automotive diesel rose $1.5 to $79.5 per barrel.

The Korea National Oil Corporation analyzed, "International oil prices are on the rise due to forecasts of price increases in the second half of the year by major oil traders, improved oil demand in the Asia region, and a decrease in U.S. crude oil inventories."