According to the Korea National Oil Corporation's oil price information system, Opinet, the average price of gasoline nationwide for the second week of May (May 10-14) increased by 0.6 won per liter to 2011.8 won.
In Seoul, the price rose by 0.8 won to 2051.8 won, maintaining the 2050 won range for the second week in a row, the highest in the country. The lowest price was recorded in Daegu, remaining unchanged at 1995.8 won.
Diesel prices also continued to rise, with the average price increasing by 0.8 won to 2006.2 won this week.
International oil prices experienced fluctuations following discussions about the potential end of the Middle East conflict during a summit between the U.S. and China. However, as no concrete outcomes emerged, prices began to rise again.
As of May 15, Brent crude for July delivery was priced at $109.26 per barrel, a 3.4% increase, while West Texas Intermediate (WTI) for June delivery rose by 4.2% to $105.42 per barrel.
Typically, changes in international oil prices are reflected in domestic gas station prices with a delay of 2 to 3 weeks. Consequently, market analysts predict that if the recent surge in international oil prices continues, domestic fuel prices may face increased upward pressure.
Meanwhile, the government has frozen the fifth round of maximum oil prices, which took effect on May 8. As a result, gasoline prices remain at 1934 won per liter, diesel at 1923 won, and kerosene at 1530 won.
* This article has been translated by AI.
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