Weekly Price Trends of Domestic Petroleum Products
[Asia Economy Reporter Joo Sang-don] Gasoline retail prices have slightly increased for the first time in five weeks.
According to the Korea National Oil Corporation on the 25th, the retail price of gasoline at gas stations in the fourth week of September recorded 1,642.6 KRW/liter, up 0.8 KRW from the previous week.
The average price at budget gas stations was the lowest at 1,617.9 KRW/liter, while GS Caltex gas stations showed the highest price at 1,650.2 KRW/liter.
The highest-priced region, Seoul, saw gasoline prices rise by 0.1 KRW from the previous week to 1,724.0 KRW/liter, which is 81.5 KRW higher than the national average price. The lowest-priced region, Daegu, recorded a gasoline price of 1,617.2 KRW/liter, up 0.3 KRW from the previous week, which is 25.4 KRW lower than the national average price.
This week, international oil prices are on the rise due to the Federal Open Market Committee (FOMC) signaling an imminent tapering, a decrease in U.S. crude oil inventories, expectations of increased demand for heating oil, and ongoing delays in Iran nuclear negotiations. Dubai crude oil rose by 0.6 dollars from the previous week to 73.1 dollars per barrel.
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