The weekly average gas price at nationwide gas stations has risen for two consecutive weeks.
According to the Korea National Oil Corporation (KNOC) oil price information system Opinet on the 28th, the average selling price of gasoline at nationwide gas stations during the fourth week of June (22nd to 26th) was recorded at 1,663.2 won per liter, an increase of 27.7 won from the previous week.
In Seoul, the price rose by 32.1 won from the previous week to 1,741.5 won, the highest in the country, while Daegu, with the lowest price, recorded an increase of 36 won to 1,634.8 won. By brand, SK Energy gas stations had the highest average price at 1,673.3 won per liter, while budget gas stations had the lowest at 1,625.6 won.
The average selling price of diesel was 1,527.2 won, an increase of 29 won from the previous week. Based on weekly prices, diesel rose back above 1,500 won for the first time in five weeks since the third week of May (1,501.08 won).
International crude oil prices, which rose for a time due to escalating tensions in the Middle East, decreased this week as geopolitical risks eased with a ceasefire agreement between Iran and Israel. The Dubai oil price, which serves as a benchmark for imported crude oil, was $70, down $5.2 from last week. The international gasoline price decreased by $4.1 to $81.4, while the international diesel price fell by $5.5 to $89.1.
Fluctuations in international oil prices are typically reflected in domestic gas station prices after a period of 2 to 3 weeks.
An official from the Korea Petroleum Association (KPA) noted that "the rise in oil prices from two weeks ago will likely lead to continued increases in domestic product prices through next week." However, the official added, "As oil prices are stabilizing rapidly this week, future increases are expected to be limited."