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Gasoline, Diesel Prices Rise for 6th Week

Written: 2022-06-18 12:49:22Updated: 2022-06-18 13:01:03

Gasoline, Diesel Prices Rise for 6th Week

Photo : YONHAP News

Gasoline and diesel prices continued to rise for a sixth consecutive week.

According to oil price portal Opinet run by the Korea National Oil Corporation, the average price of gasoline sold at pumps nationwide rose 43 won to two-thousand-80 won per liter in the third week of June.

Gas prices dropped 44 won in the first week of May, when the government expanded fuel tax cuts from 20 to 30 percent. However, prices have since risen for six straight weeks.

The average price of gasoline has been setting new highs after reaching the highest level in more than ten years on June 11.

The average price of diesel also gained 51 won this week to record two-thousand-82 won per liter. But at one point Friday, it had surpassed 21-hundred won.

As global supply suffers, domestic diesel prices topped two-thousand won for the first time ever last month. Price rises at home are expected to continue for the time being.

However this week, global gas prices fell following the U.S. Fed's steep rate hike. Dubai crude, which South Korea mainly imports, fell 70 cents to 116 dollars 40 cents.

International gas prices edged down 50 cents to over 150 dollars, but higher diesel prices persisted, rising four dollars to 180 dollars 60 cents a barrel.

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