The weekly average prices of gasoline and diesel at gas stations in Korea turned downward for the first time in eight weeks.
According to Opinet, the oil price information system of the Korea National Oil Corporation (KNOC), on May 23, the national average retail price of gasoline at gas stations in the third week of May (17–21) came to 2,011.3 won per liter, down 0.4 won from the previous week. The average retail price of diesel was 2,005.9 won, down 0.3 won from a week earlier.
By region, Seoul was the highest at 2,051.4 won, down 0.4 won from the previous week. Daegu posted the lowest level nationwide at 1,994.4 won, down 1.4 won. By brand, SK Energy gas stations had the highest average gasoline price at 2,015.8 won, while budget gas stations were the lowest at 1,996.5 won.
International oil prices rose this week on heightened concern that President Trump might attack Iran, but the gains were limited as news emerged of progress in end-of-war talks between the United States and Iran. Dubai crude, the benchmark for import oil prices, rose $1.5 from a week earlier to $106.3. International gasoline prices increased $2.3 to $135.3, and international automotive diesel was up $1.8 to $163.1. Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.
The government froze the sixth maximum oil price, which has applied since on the 22nd. Accordingly, gasoline remains at 1,934 won per liter, diesel at 1,923 won, and kerosene at 1,530 won. This is the same level as the second through fifth maximum prices.