Gasoline and diesel prices at domestic gas stations turned upward for the first time in seven weeks. Despite a drop in international oil prices, exchange rates and geopolitical factors worked together to push prices up.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), on the 27th, the national average retail price of gasoline at gas stations in the fourth week of September (22–25) was 1,660.0 won per liter, up 0.6 won from the previous week.
By region, Seoul was the most expensive. The average price in Seoul was 1,722.2 won, up 2.0 won from the previous week. Daegu was the cheapest at 1,628.6 won, up 0.7 won. By brand, SK Energy gas stations were the highest at 1,671.0 won per liter, while budget gas stations were the lowest at 1,632.5 won. The average retail price of diesel was also tallied at 1,531.0 won, up 0.9 won from the previous week.
During the same period, international oil prices fell as the likelihood of increased supply from Middle Eastern oil-producing countries came to the fore. However, the decline was limited by Ukraine's airstrikes on Russia's oil infrastructure.
Dubai crude, the benchmark for imported oil, was $69.3 per barrel, down $1.0 from the previous week. International gasoline prices fell $2.6 to $78.1, and automotive diesel prices dropped $0.3 to $89.0.
International oil price trends are generally reflected in domestic gas station retail prices with a lag of about two to three weeks. An official at the Korea Petroleum Association (KPA) said, "International product prices are not showing major swings, but with recent exchange rate fluctuations, gas prices at stations are likely to edge up next week while remaining stable."