SEOUL, June 21 (AJP) - Gasoline and diesel prices at South Korean gas stations posted their first weekly increase in six weeks, reflecting rising international oil prices driven by Middle Eastern geopolitical risks. According to the Korea National Oil Corporation's price information system Opinet on Saturday, the national average gasoline price for the third week of June (June 15-19) rose 7.8 won per liter to 1,635.5 won ($4.54) compared to the previous week. Diesel prices similarly increased by 7.6 won per liter to an average of 1,498.2 won during the same period.
Regional price variations showed Seoul posting the highest fuel costs at 1,709.4 won per liter, up 12.8 won from the previous week, while Daegu recorded the lowest prices at 1,598.8 won per liter, an increase of 8.6 won. Among major brands, SK Energy gas stations commanded the highest average price at 1,645.9 won per liter, while discount gas stations offered the lowest rates at 1,602.2 won per liter.
The domestic fuel price increases followed a sharp rise in international oil markets as traders factored in heightened geopolitical risks from the Iran-Israel military confrontation. Dubai crude, the benchmark for imported oil prices in South Korea, jumped 6.6 dollars to 74.7 dollars per barrel compared to the previous week. International gasoline prices rose 5.6 dollars to 84.8 dollars per barrel, while international automotive diesel climbed 9.6 dollars to 93.7 dollars per barrel.
A Korea Petroleum Association official noted that international oil prices surged after Israel conducted airstrikes against Iran on June 13, with the upward trend continuing since then. International oil price fluctuations typically take two to three weeks to be reflected in domestic gas station prices, and the industry expects further price pressures in coming weeks with rising prices anticipated to continue for the time being.
reporter
Candice Kim
candicekim1121@ajupress.com
Copyright ⓒ Aju Press All rights reserved.
View more comments