The average nationwide gasoline price is up for the first time in 18 weeks.

According to Opinet, an oil price information website run by the Korea National Oil Corporation, the average price of regular gasoline rose nine-point-eight won to one-thousand-258-point-six won per liter in the fourth week of May. 

Local oil prices have been falling since late January, but the four month decline has now ended.

The price of diesel also gained eight-point-six won this week to record one-thousand-68-point-six won per liter.

An industry source noted that global oil prices bottomed out in the fourth week of April and have since been rising which means domestic prices will also continue upward for the time being.

An official at the National Oil Corporation said global prices further rose this week due to increased operation of U.S. oil refineries and other factors, but the rise has been limited following Russia's lukewarm response to the decision by OPEC Plus to retain the amount of reduced output.