Gasoline Prices Rise for 3 Consecutive Weeks... 1,654.4 Won per Liter

Korea National Oil Corporation, Weekly Domestic Oil Price Trends for the First Week of October

[Sejong=Asia Economy Reporter Joo Sang-don] Gasoline prices have risen for three consecutive weeks, reaching 1,654.4 KRW/liter.

According to the Korea National Oil Corporation, the retail price of gasoline at gas stations in the first week of October increased by 8.7 KRW from the previous week to 1,654.4 KRW/liter, marking a rise for three consecutive weeks.

The average price at budget gas stations was the lowest at 1,627.6 KRW/liter, while SK Energy gas stations recorded the highest price at 1,661.6 KRW/liter.

The highest price region, Seoul, saw gasoline prices rise by 11.1 KRW from the previous week to 1,741.8 KRW/liter, which is 87.3 KRW higher than the national average price. The lowest price region, Daegu, recorded a gasoline price of 1,627.0 KRW/liter, up 7.8 KRW from the previous week, which is 27.4 KRW lower than the national average price.

Diesel sales prices rose by 9.3 KRW from the previous week to 1,449.7 KRW/liter.

The Dubai crude oil price in the first week of October was $78.7 per barrel, up $2.5 from the previous week. A Korea National Oil Corporation official stated, "This week, international oil prices are on the rise due to factors such as improvements in the U.S. labor market, the decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC major oil-producing countries including Russia, collectively known as 'OPEC Plus (OPEC+),' to maintain the current production increase scale, continued strength in gas prices, and delays in the Iran nuclear negotiations."