Seoul, South Korea – Gasoline and diesel prices in South Korea have continued their upward trend for the eighth consecutive week, according to data released by the Korea National Oil Corporation (KNOC) on November 1st.

The average retail price of gasoline climbed 3.6 won per liter to 1,641.9 won, while diesel prices surged 6.5 won to 1,482.3 won per liter compared to the previous week. This consistent price hike has been observed since the third week of October.

Among the different fuel brands, independent gas stations offered the most affordable gasoline at an average of 1,613.0 won per liter, while SK Energy stations had the highest price at 1,651.4 won. Similarly, for diesel, independent stations provided the lowest price at 1,452.4 won per liter, followed by SK Energy stations at 1,491.9 won.

Regional disparities in fuel prices were also evident. Seoul, the most expensive region, saw gasoline prices reaching 1,707.1 won per liter, which is 65.2 won higher than the national average. In contrast, Daegu, the least expensive region, had a gasoline price of 1,609.7 won per liter, 32.2 won lower than the national average.

Despite the recent decline in international oil prices due to concerns over weakening global economic indicators and reduced demand for petroleum, domestic fuel prices in South Korea have continued to rise. The benchmark Dubai crude oil price dropped by 0.1 US dollar to 72.4 US dollars per barrel.

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