Gasoline Prices at Gas Stations Reach Highest Level in 7 Years

National Average 1,762.8 Won... Rising for 6 Consecutive Weeks

According to Opinet, the oil price information service of Korea National Oil Corporation, the average retail price of gasoline at gas stations nationwide in the third week of October (18-22) was 1,732.4 KRW per liter, an increase of 45.2 KRW from the previous week. On the 24th, a gas station in Seoul was selling gasoline at 1,798 KRW per liter. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Hwang Yoon-joo] The average price of gasoline sold at gas stations nationwide has reached its highest level in seven years since the fourth week of October 2014. In particular, this week saw an increase of more than 30 KRW per liter ahead of the fuel tax reduction.

According to the Korea National Oil Corporation's oil price information service OPINET on the 30th, the average gasoline price at gas stations nationwide in the fourth week of October (10.25~29) was 1,762.8 KRW per liter, up 30.3 KRW from the previous week.

Domestic gasoline prices have been rising for six consecutive weeks recently. By region, the highest-priced area, Seoul, recorded a gasoline price of 1,840.8 KRW per liter, up 32.2 KRW from the previous week. Not only Seoul but also Jeju saw the average gasoline price exceed the 1,800 KRW mark.

The lowest-priced region, Busan, recorded a gasoline price of 1,741.5 KRW per liter, up 26.4 KRW from the previous week.

By brand, GS Caltex gas stations had the highest gasoline price at 1,771.2 KRW per liter, while budget gas stations were the cheapest at 1,731.0 KRW per liter.

The nationwide diesel price at gas stations rose by 30.5 KRW from the previous week to 1,560.9 KRW per liter.

International oil prices also continued their upward trend.

The average price of Dubai crude oil, which serves as the benchmark for crude oil imported into Korea, rose by 0.4 dollars to 83.4 dollars per barrel from the previous week, and the international gasoline price increased by 3.6 dollars to 101.9 dollars per barrel compared to last week.

The Korea National Oil Corporation analyzed, "International oil prices are on the rise due to factors such as increased oil demand outpacing supply, ongoing instability in Libya, and other influences."