Gasoline and diesel prices have risen for the third 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 15-point-seven won to one-thousand-599-point-three won per liter in the fourth week of July. 

The average price of diesel also jumped, climbing 16-point-nine won to one-thousand-411-point-eight won per liter.

This week, South Korea's benchmark Dubai crude rose three dollars 20 cents to reach 83 dollars 80 cents a barrel. 

The rise in global oil prices is attributed to a decrease in weekly stockpiles in the U.S., airstrikes by Russia on Ukraine's port city of Odesa and the capital Kyiv alongside the International Monetary Fund (IMF) slightly raising its global GDP growth estimates for 2023. 

An official at the Korea Petroleum Association said that as global oil prices have risen  for four consecutive weeks, domestic fuel costs are expected to follow suit with a steeper uptrend.