Gasoline Prices at Gas Stations Rise for Five Consecutive Weeks... "Gasoline Prices Expected to Fall Next Week"

Gasoline Sells for 1,745 Won per Liter in the Fourth Week of November

The weekly average prices of gasoline and diesel at domestic gas stations have risen for five consecutive weeks.

According to Opinet, the Korea National Oil Corporation's oil price information system, the nationwide average retail price of gasoline at gas stations for the fourth week of November (November 23-27) was 1,745.0 won per liter, up 15.3 won from the previous week.

On the 1st, a citizen refueled their vehicle at the Mannam Square Discount Gas Station in Seocho-gu, Seoul, where the government decided to reduce the scope of the fuel tax cut. From this day until August 31, the fuel tax reduction rate for gasoline will be reduced from the previous 25% to 20%, and for diesel from 37% to 30%. Accordingly, the fuel tax on gasoline will increase by 41 won from 615 won to 656 won per liter, and the fuel tax on diesel will also rise by 38 won from 369 won to 407 won. Photo by Jo Yongjun jun21@

By region, Seoul recorded the highest price at 1,812.4 won per liter, up 13.4 won from the previous week, while Daegu had the lowest price at 1,721.8 won, an increase of 15.3 won.

By brand, SK Energy gas stations posted the highest average price at 1,751.8 won per liter, while Discount Gas Stations had the lowest at 1,720.7 won per liter.

The average retail price of diesel was 1,660.4 won per liter, up 23.9 won from the previous week.

This week, international oil prices fell as concerns over sanctions against Russia eased due to progress in peace talks between Russia and Ukraine. However, the decline was limited by expectations that OPEC+ would maintain its current production policy.

Dubai crude, which serves as the benchmark for imported crude oil prices, was 63.2 dollars per barrel, down 1.0 dollar from the previous week. The international price of gasoline was 77.3 dollars per barrel, down 0.9 dollar, while the international price of automotive diesel was 87.4 dollars per barrel, a decrease of 8.7 dollars.

Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.

A representative from the Korea Petroleum Association predicted, "With the recent downward trend in international oil prices, there is a possibility that gasoline prices will start to decline from next week, and the increase in diesel prices is also expected to slow down."