Gasoline and diesel prices at domestic gas stations have been on the rise for three consecutive weeks.
According to Opinet, the Korea National Oil Corporation's oil price information system, the average gasoline price nationwide for the fifth week of October (October 27–31) was 1,600.2 KRW per liter, up 7.1 KRW from the previous week.
Gasoline prices, which had fallen to the 1,500 KRW range at the beginning of October, have returned to the 1,600 KRW range within just a month.
Seoul recorded the highest average gasoline price in the country at 1,670.2 KRW, up 9.4 KRW from the previous week, while Daegu had the lowest at 1,566.8 KRW.
Budget gas stations maintained the lowest gasoline prices with an average of 1,571.9 KRW. The average diesel price also rose by 6.4 KRW to reach 1,428.7 KRW per liter.
International oil prices declined due to limited Israeli retaliation against Iran and the easing of geopolitical risks in the Middle East.
Dubai crude oil fell by 2.6 USD from the previous week, reaching 71.6 USD per barrel, while international gasoline and diesel prices dropped by 2.7 USD and 1.3 USD, respectively.
A representative of the Korea Petroleum Association stated, "Since domestic oil prices reflect international oil prices with a delay of about 2–3 weeks, domestic fuel prices may continue to rise for the time being. Although the partial reinstatement of fuel taxes may further increase prices temporarily, the stability of international oil prices suggests there won't be a significant surge."
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Domestic Fuel Prices Rise for Third Week, Gasoline Reaches 1,600 KRW Again
Gasoline and diesel prices at domestic gas stations have been on the rise for three consecutive weeks.According to Opinet, the Korea National Oil Corporation's
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