Will the price of gasoline go up next week? Impact of international oil prices

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[대한경제=문수아 기자] Gasoline prices at domestic gas stations fell slightly this week, but are cautiously forecast to rise next week. This is because international oil prices have risen for two consecutive weeks.

According to the Korea National Oil Corporation’s oil price information system Opinet on the 28th, the average selling price of gasoline at gas stations nationwide in the fourth week of May (21-25) was 1,609.5 won per L (liter), down 17.8 and gained from the previous week, falling for the fourth consecutive week.

The average price of gasoline this week in Seoul was 1683.2 won, down 14.1 won. In Daegu, where the price of gasoline is the lowest in the country, it fell 17.3 won to 1565.9 won.

The selling price of diesel fell by 29.7 won to 1439.0 won, recording a downward trend for five consecutive weeks.

Domestic gasoline prices continue to show a downward trend, but are very likely to rise from next week.

This is because international oil prices rose slightly this week due to progress in US debt ceiling negotiations and the US Energy Information Administration’s (EIA) announcement of a drop in commercial crude oil inventories. The average price of Dubai oil this week, which is the standard for the price of imported crude oil, also recorded $75.7 a barrel, up 1.4 dollars from the previous week. The international average price of gasoline increased 3.2 dollars to 88.5 dollars, and the international automobile diesel price increased 0.4 dollars to 90.4 dollars.

An official from the Korea Petroleum Association predicted, “Since international oil prices have risen for two consecutive weeks, the extent of the decline in gasoline and diesel sales may slow down or the price may increase slightly next week.”

Reporter Moon Soo-ah moon@

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