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Domestic gasoline prices rise for 5th week… 1,700 won per liter re-entry

[아이뉴스24 김동호 기자] Gasoline prices at domestic gas stations have been on the rise for the past five weeks and have re-entered the 1,700 won per liter range. This is due to a surge in international oil prices amid fears of war between Ukraine and Russia.

According to the Korea National Oil Corporation oil price information site Offinet on the 19th, the average selling price of gasoline at gas stations nationwide in the third week of February was 1,718.4 won per liter. The price is 26.6 won higher than the previous week. The average price of gasoline at gas stations nationwide is the sum of the selling prices of individual gas stations divided by the total number of gas stations.

Domestic gasoline prices are also on the rise due to the sharp rise in international oil prices. [사진=뉴시스]

It is the first time in three months since the third week of November (1716. Domestic gasoline prices have been on a downward trend since the government’s fuel tax cuts were implemented in November last year.

The government is considering extending the ‘oil tax cut’ measure, which was originally scheduled to end in April, as international oil prices continue to climb. In addition, it plans to promote the release of oil reserves in case of uncertainty in energy supply and demand in the future.

The region with the highest price of gasoline in the country this week was Jeju Island at 1,788.0 won per liter. The price of gasoline in Seoul was 1,786 won per liter. The price of gasoline in Busan, the lowest region in the country, was 1,687.5 won per liter.

By brand, GS Caltex gasoline was the most expensive at 1,727.2 won, and thrifty gas station was the cheapest at 1,684.5 won.

Diesel prices are also on the rise. During the same period, the selling price of diesel at gas stations nationwide was 1,540.2 won per liter, up 29.0 won from the previous week.

This week, international oil prices set a new high since October 2014, reflecting geopolitical variables such as the escalating war crisis between Russia and Ukraine. The average price of Dubai crude, which is the standard for crude oil imported from the Middle East, rose by 2.3 dollars from the previous week to 92.6 dollars, and the average international gasoline price rose 3.0 dollars this week to 109.1 dollars per barrel.

/Reporter Dongho Kim (istock79@inews24.com)