Gasoline Prices at Gas Stations Rise for 12 Consecutive Weeks... Nationwide Average 1,637 Won

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for 12 consecutive weeks.

According to the Korea National Oil Corporation's oil price information service OPINET on the 24th, the gasoline retail price at gas stations in the third week of July (7.19?22) recorded 1,637.2 KRW per liter, up 9.1 KRW from the previous week. This is the highest level since the first week of November 2018 (1,660 KRW).

By region, the gasoline price in Seoul, the highest-priced area, rose 9.9 KRW to an average of 1,720.1 KRW per liter, while the lowest-priced area, Daegu, saw a 7.2 KRW increase to 1,616.0 KRW per liter.

By brand, GS Caltex gasoline was the most expensive at 1,645.0 KRW per liter, and Altteul gas stations offered the cheapest gasoline at 1,610.8 KRW per liter.

The nationwide diesel retail price in the third week of July also rose 8.9 KRW from the previous week to 1,433.3 KRW per liter. This is also the highest level since the first week of November 2018 (1,475 KRW).

Meanwhile, international oil prices stopped rising and showed a decline this week. The average price of Dubai crude oil, the benchmark for crude oil imported into Korea, recorded $70.6 per barrel, down $2.8 from last week. International gasoline prices fell by $3.3 to $80.1 per barrel.

The Korea National Oil Corporation explained, "International oil prices declined this week due to ongoing US-China conflicts, OPEC Plus's easing of production cuts, and concerns over the spread of COVID-19 variants."