This week, the weekly average price of gasoline and diesel at domestic gas stations has turned upward for the first time in six weeks.
According to the Korea National Oil Corporation (KNOC) oil price information system Opinet on the 21st, the average selling price of gasoline at nationwide gas stations in the third week of June (15-19) rose by 7.8 won per liter compared to the previous week, reaching 1,635.5 won.
By region, prices were the highest in Seoul, which rose by 12.8 won to 1,709.4 won, while Daegu, which had the lowest price, saw an increase of 8.6 won to 1,598.8 won.
By brand, SK Energy gas stations had the highest average price at 1,645.9 won per liter, while discount gas stations had the lowest at 1,602.2 won.
The average selling price of diesel recorded an increase of 7.6 won to 1,498.2 won.
This week, international oil prices rose, reflecting increased geopolitical risks in the Middle East due to the military conflict between Iran and Israel. The price of Dubai crude, the benchmark for imported crude oil, was $74.7, up $6.6 from last week.
International gasoline prices rose $5.6 to $84.8, while international automotive diesel increased $9.6 to $93.7.
Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about 2 to 3 weeks.
An official from the Korea Petroleum Association (KPA) said, “On the 13th, Israel bombed Iran, causing international oil prices to surge, and the upward trend has continued since then. Next week, this trend will be reflected in domestic prices, putting significant upward pressure, and the upward trend is expected to continue for the time being.”