Gasoline and diesel prices at domestic gas stations have risen for six consecutive weeks. While international oil prices have decreased amid expectations of a ceasefire agreement between the U.S. and Iran, this decline has yet to be reflected in local prices.
According to Yonhap News and the Korea National Oil Corporation's oil price information system, Opinet, the average price of gasoline at gas stations nationwide for the first week of May (May 3-7) was 2,011.2 won per liter, an increase of 2.6 won from the previous week. The average price of diesel also rose by 2.6 won to 2,005.4 won per liter during the same period.
Regionally, gasoline prices were highest in Seoul at 2,051 won per liter, while Daegu reported the lowest price at 1,995.8 won. Among brands, SK Energy had the highest price at 2,016.8 won per liter, while discount gas stations offered the lowest price at 1,993.6 won.
International oil prices have fallen, with Dubai crude, the benchmark for imported crude oil, dropping by $4.8 to $102.7 per barrel. The international price of diesel also decreased by $15.4 to $157. However, the price of gasoline on the international market rose by $2.1 to $131.8.
This week, international oil prices faced downward pressure due to expectations of progress in the ceasefire agreement between the U.S. and Iran, although reports of military clashes between the two countries limited the extent of the decline. Typically, fluctuations in international oil prices are reflected in domestic gas station prices after a delay of 2 to 3 weeks.
Meanwhile, the government has frozen the fifth maximum oil price, which took effect on May 8. As a result, the maximum prices are maintained at 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.