Gasoline and diesel prices at domestic gas stations have risen for the third consecutive week.

According to the Korea National Oil Corporation’s price information system, Opinet, on Saturday, the average nationwide selling price of gasoline during the second week of October climbed one-point-nine won from a week earlier to one-thousand-663-point-two won per liter.

The average selling price of diesel rose two-point-six won from the previous week to one-thousand-535-point-six won per liter.

International oil prices fell this week on news of a ceasefire agreement between Israel and Hamas, but the decline was limited amid fading expectations for an end to the Russia-Ukraine war.

Dubai crude, South Korea’s benchmark for imported oil, dropped one dollar and ten cents from the previous week to 65 dollars and 90 cents per barrel.

The international gasoline price fell 40 cents to 76 dollars and 70 cents per barrel, while the price of automotive diesel declined one dollar and 30 cents to 88 dollars and 40 cents per barrel.

Changes in global oil prices are typically reflected in domestic fuel prices with a lag of about two to three weeks.

An official at the Korea Petroleum Association said domestic gasoline prices are likely to weaken next week after three straight weeks of declines in global oil prices, while domestic diesel prices are expected to remain relatively firm.