The weekly average prices of gasoline and diesel at domestic gas stations rose for the seventh straight week.
According to Opinet, the oil price information system of Korea National Oil Corporation (KNOC), the average retail price of gasoline at gas stations nationwide in the second week of May (May 10–14) was 2,011.8 won per liter (L), up 0.6 won from the previous week.
Seoul, with the highest prices, rose 0.8 won from the prior week to 2,051.8 won, staying in the 2,050-won range for a second straight week. Daegu, with the lowest prices, was unchanged from the previous week at 1,995.8 won.
By brand, SK Energy gas stations were the highest at an average of 2,017.1 won, while budget gas stations were the lowest at 1,995.9 won.
The average retail price of diesel rose 0.8 won from the prior week to 2,006.2 won.
International oil prices this week fell on hopes that a U.S.-China summit could lead to an end to the Middle East war, but rebounded as the talks produced no concrete progress on ending the conflict.
As of the 15th, July delivery Brent crude futures on the ICE Futures Exchange settled at $109.26 per barrel, up 3.4% from the previous session.
On the New York Mercantile Exchange, June delivery West Texas Intermediate (WTI) futures settled at $105.42 per barrel, up 4.2%.
Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.
Earlier, the government again froze the fifth petroleum price cap applied starting on the 8th. Accordingly, gasoline remains at 1,934 won per L, diesel at 1,923 won, and kerosene at 1,530 won.