[Asia Economy Reporter Hwang Yoon-joo] The average price of gasoline sold at gas stations nationwide has risen significantly, marking an increase for the fourth consecutive week.
According to Opinet, the oil price information service of the Korea National Oil Corporation, the gasoline selling price in the second week of October recorded 1,687.2 KRW per liter, up 28.3 KRW from the previous week.
By region, Seoul, which had the highest price, saw gasoline prices rise by 25.9 KRW to 1,772.5 KRW per liter compared to last week. Daegu, the region with the lowest price, recorded a gasoline price of 1,663.0 KRW per liter, up 31.9 KRW.
By brand, the average gasoline price at Altteul gas stations was the lowest at 1,656.7 KRW per liter. The most expensive was GS Caltex gas stations, with gasoline priced at 1,694.7 KRW per liter.
International oil prices also surpassed $80 per barrel, showing an upward trend.
The average price of Dubai crude oil, which serves as the benchmark for crude oil imported into Korea, rose by $2.8 per barrel to $82.0 compared to the previous week. The international gasoline price increased by $4.8 to $95.0 per barrel.
The Korea National Oil Corporation explained, "This week, international oil prices are rising due to ongoing energy supply shortages, the International Energy Agency (IEA)'s forecast of increased oil demand, and expectations of reduced U.S. crude oil production."
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