Gasoline Prices at Gas Stations Rise for 13 Consecutive Weeks... Nationwide Average 1,641 Won

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have risen for 13 consecutive weeks. This week's gasoline price is the highest since the first week of November 2018 (1,660 KRW).

According to the Korea National Oil Corporation's oil price information service OPINET on the 31st, the retail gasoline price at gas stations in the fourth week of July recorded 1,641.0 KRW per liter, up 3.9 KRW from the previous week.

By region, Seoul, the highest-priced area, rose 4.8 KRW to 1,724.9 KRW per liter compared to the previous week. Daegu, the lowest-priced area, recorded 1,619.8 KRW per liter, up 3.8 KRW.

By brand, GS Caltex gasoline was the most expensive at 1,582.1 KRW per liter, while Hyundai Oilbank was the cheapest at 1,576.0 KRW per liter.

The nationwide diesel price also rose 3.5 KRW from the previous week to 1,436.8 KRW per liter.

International oil prices, which had briefly declined last week, turned upward again this week. The average price of Dubai crude oil, the benchmark for crude oil imported into Korea, rose $1.8 to $72.8 per barrel. International gasoline prices were recorded at $83.3 per barrel, up $3.2.

The Korea National Oil Corporation stated, "The rise was due to a decrease in U.S. oil inventories, delayed production increases, and a deadlock in the Iran nuclear negotiations."