Photo : YONHAP News
Weekly average gasoline and diesel prices at gas stations across the country rose for the seventh consecutive week.
According to the Korea National Oil Corporation’s(KNOC) Opinet system on Saturday, the average retail price of gasoline for the second week of May rose zero-point-six won from the previous week to two-thousand-11-point-eight won per liter.
By region, Seoul recorded the highest price at two-thousand-51-point-eight won per liter, up zero-point-eight won from the previous week, staying in the two-thousand-50-won range for the second straight week.
Daegu posted the lowest price at one-thousand-995-point-eight won, unchanged from a week earlier.
The average price of diesel also climbed zero-point-eight won week-on-week to two-thousand-six-point-two won per liter.
International oil prices declined earlier this week on expectations that a summit between the United States and China could lead to an end to the war in the Middle East, but rebounded after the talks failed to produce concrete results on ending the conflict.
Changes in international oil prices are typically reflected in domestic gas station prices with a lag of two to three weeks.
Meanwhile, the Seoul government has decided to freeze the fifth round of temporary fuel price ceilings, which took effect on May 8.
Under the measure, gasoline remains capped at one-thousand-934 won, or one U.S. dollar and 29 cents, per liter, diesel at one-thousand-923 won, or one U.S. dollar and 29 cents, and kerosene at one-thousand-530 won, or one U.S. dollar and two cents.