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Gasoline Price Up for 6th Week, Tops 1,700 Won in Seoul

Write: 2018-08-11 13:36:00Update: 2018-08-11 13:44:00

Gasoline Price Up for 6th Week, Tops 1,700 Won in Seoul

Photo : KBS News

Domestic gasoline prices have risen for the sixth week, reaching the highest level in three years and eight months. 

In Seoul, where oil prices are the highest in the country, the average price of gasoline and diesel has surpassed 17-hundred and 15-hundred won respectively for the first time since late 2014.

According to Opinet, a Web site on oil price information run by the Korea National Oil Corporation, the price of regular gasoline sold at gas stations nationwide rose by an average two-point-five won to over one-thousand-616 won per liter in the second week of August.

It's 20-point-six percent higher than the second week of March 2016 when the cost of gasoline was the lowest in the past three years.

The National Oil Corporation said that global oil prices rose due to U.S. sanctions on Iran and other factors, but the increase was limited amid the intensifying trade war between the U.S. and China.

The corporation said that alongside rising global prices, oil prices at home are expected to grow or remain steady.

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