Gasoline and diesel prices at domestic gas stations have risen for the first time in six weeks, driven by escalating geopolitical tensions in the Middle East.
According to the Korea National Oil Corporation's (KNOC) price information system Opinet on Saturday, the average price of gasoline climbed seven-point-eight won on-week to one-thousand-635-point-five won per liter.
The average price of diesel also increased seven-point-six won to one-thousand-498-point-two won per liter.
International oil prices surged this week following a sharp rise in geopolitical risk after military clashes between Iran and Israel, raising concerns over potential supply disruptions in the Middle East.
Dubai crude, the benchmark for South Korean imports, jumped six dollars and sixty cents from the previous week to 74 dollars and 70 cents per barrel.
An official at the Korea Petroleum Association projected that the upward trend in international oil prices will begin to impact domestic fuel prices more significantly in the coming week, adding that the price pressure will likely persist for the time being.