Gasoline and diesel prices soar for the fifth week in a row… Exceeded 1700 won in 3 months

Oil price information is displayed at a gas station in downtown Seoul / ⓒNewsis

[시사포커스 / 이청원 기자] Domestic oil prices, which had fallen due to lower fuel taxes, soared for the fifth week in a row, causing the average gasoline price to exceed 1,700 won for the first time in three months. Jeju is close to 1800 won.

According to ‘Ofinet’, an oil price information service of Korea National Oil Corporation on the 20th, the average selling price of gasoline at gas stations nationwide in the last week of January was 1718.4 won, up 26.6 won per liter from the previous week, and the price of diesel also increased by 29.0 won per liter to 1540.2 won. recorded

By region, Jeju rose 14.0 won per liter to 1788.0 won, heading back to 1800 won, and Busan gasoline price recorded the lowest at 1687.5 won, up 25.0 won from last week.

By brand, GS Caltex was the most expensive at 1727.2 won per liter, and thrifty gas station gasoline was the cheapest at 1684.5 won per liter.

Gasoline prices recently rose in succession last month, reaching a weekly average of 1,800 won for the first time in seven years since 2015, reaching the highest level.

In addition, international oil prices, which have been constantly fluctuating, are hitting new highs in seven years since October 2014 due to the threat of Russia’s attack on Ukraine and the cold wave in the Midwest of the United States.

In the case of Dubai crude imported to Korea, the average price was $92.6 per barrel, up 2.3 dollars from last week. In addition, the international oil price, which has soared for a while, also rose by 3.0 dollars to 19.1 dollars per barrel, already exceeding 100 dollars.

In particular, considering that gasoline prices at domestic gas stations usually follow international oil prices with a time lag of 2-3 weeks, it is highly likely to rise significantly during this month.

In response, the Korea National Oil Corporation explained that it is “recording an upward trend due to strong U.S. oil demand and rising tensions between Russia and Ukraine.”