The prices of gasoline and diesel in South Korea have continued to climb for the fourth consecutive week, according to data released by the Korea Petroleum Corporation's Oil Price Information Service, OPINET.
As of the first week of November, the average retail price of gasoline stood at 1,613.3 won per liter, marking a 13.1 won increase compared to the previous week. Similarly, diesel prices rose by 13 won to 1,441.8 won per liter.
The price disparity among different brands was also notable. Among gasoline retailers, the average price at self-service stations was the lowest at 1,586.9 won per liter, while SK Energy stations had the highest price at 1,621.9 won per liter. For diesel, self-service stations offered the lowest average price of 1,417.7 won per liter, whereas SK Energy stations had the highest at 1,450.3 won per liter.
Regional price differences were also evident. Seoul, known for its higher fuel prices, recorded an average gasoline price of 1,688.5 won per liter, which is 75.2 won more than the national average. In contrast, Daegu had the lowest average price at 1,580.3 won per liter, 33 won below the national average.
The recent surge in fuel prices can be attributed to several factors, including the decision by OPEC+ to delay the easing of production cuts and disruptions to U.S. oil production caused by hurricanes. As a result, the price of Dubai crude oil, a benchmark for South Korea's oil imports, increased by 1.6 dollars per barrel to reach 73.7 dollars.
The continued rise in fuel prices is expected to put additional pressure on consumers and businesses alike, as higher fuel costs can lead to increased prices for goods and services.
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