Seoul, South Korea – Despite a recent dip in international oil prices, domestic fuel prices in South Korea have continued to climb for the eighth consecutive week, according to data released by the Korea National Oil Corporation (KNOC) on 7th.
The average retail price of gasoline nationwide reached 1,641.9 won per liter in the first week of December, marking a 3.6 won increase compared to the previous week. Seoul, the nation's capital, experienced the highest price at 1,707.1 won per liter, while Daegu recorded the lowest at 1,609.7 won per liter. Budget-friendly gas stations, known as "alttl" stations, offered the most affordable prices at an average of 1,613 won per liter.
Diesel prices also rose significantly, increasing by 6.5 won per liter to reach 1,482.3 won.
International oil prices, however, showed a different trend. The benchmark Dubai crude oil price declined by 0.1 dollar to 72.4 dollars per barrel due to concerns over slowing global economic growth and reduced demand for oil. International gasoline prices rose by 0.7 dollars to 81.2 dollars per barrel, while diesel prices dropped by 1.2 dollars to 87.5 dollars per barrel.
The discrepancy between the international and domestic fuel prices can be attributed to several factors. The Korea Petroleum Association attributed the continued rise in domestic fuel prices to the strengthening of the Korean won against the U.S. dollar.
An official from the association stated, "The appreciation of the won against the dollar is exacerbating the upward pressure on domestic fuel prices." The association forecasts that gasoline prices will continue to rise in the coming week, while diesel prices may see a slight slowdown in their upward trajectory.
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