Gasoline and Diesel Prices Fall for Seventh Consecutive Week in South Korea

The highest price in Seoul was 1,662.4 won, down 10.9 won… Average 73.5 won ↑
Gasoline – 1.7 won, diesel – 6.4 won, kerosene – 92.4 won lowered

[투데이에너지 조대인 기자] Gasoline sold at gas stations and diesel prices fell for 7 consecutive weeks, while the prices of gasoline, diesel, and indoor kerosene supplied by refineries also showed a downward trend, respectively.

Korea National Oil Corporation (President Dong-seop Kim), through the weekly price trend of domestic petroleum products of Opinet, an oil price information system, reported that the price of gasoline sold at gas stations in the first week of June fell for 6 consecutive weeks, down 10.1 won per liter from the previous week to 1,588.9 won, and that of diesel for 7 weeks. It was announced that the price of indoor kerosene was 1,345.8 won, down 9.3 won, and 1,406.1 won, down 15.2 won, showing a continuous downward trend.

By brand, the price of thrifty gas station was low, but the price of GS Caltex brand gas station was high.

The average selling price of gasoline at thrifty gas stations was low at 1,560.8 won per liter, but at 1,597.5 won at GS Caltex brand gas stations, a difference of 36.7 won.

The average selling price of diesel at thrifty gas stations was low at 1,374.4 won per liter, but at GS Caltex branded gas stations it was high at 1,418.2 won, showing a difference of 43.8 won.

At SK Energy brand gas stations, gasoline was 1,594.5 won, down 10.5 won, and diesel was 1,413.4 won, down 16.6 won.

At S-OIL brand gas stations, gasoline was 1,589.4 won, down 9.9 won, and diesel was 1,401.3 won, down 14.7 won.

Gasoline sales prices by region were 1,662.4 won, down 10.9 won from the previous week, in Seoul, the most expensive region, 73.5 won higher than the national average.

Jeju Island, which has the second highest gasoline selling price in Korea after Seoul, is 1,618 won per liter, Chungnam is 1,602 won, Chungbuk is 1,600 won, Gangwon-do and Jeonnam is 1,599 won, Sejong is 1,590 won, Gyeonggi-do is 1,587 won, Jeonbuk is 1,580 won, Gyeongnam is 1,579 won, The prices were 1,578 won in Busan, 1,577 won in Gyeongbuk, 1,574 won in Gwangju, 1,570 won in Incheon, 1,568 won in Daejeon, and 1,562 won in Ulsan.

Gasoline sales prices in Daegu, the lowest-priced region, were 1,548.3 won, down 9.0 won from the previous week, 40.6 won lower than the national average.

In the 5th week of May, which is one week later than the selling price at gas stations, the supply price of each petroleum product at refineries was 1,491.3 won for gasoline, down 1.7 won from the previous week, 1,288.9 won for diesel, down 6.4 won, and 908.1 won for indoor kerosene, down 92.4 won from the previous week.

As for the supply price by refinery, GS Caltex (CEO Heo Se-hong), which showed the highest price, was 1,519.0 won, up 20.5 won from the previous week, and diesel price was high at 1,306.2 won, down 4.4 won.

HD Hyundai Oilbank (CEO Young-Min Joo) followed suit with a 4.2 won increase for gasoline to 1,490.7 won and a 4.0 won increase to 1,289.7 won for diesel, recording the second highest price among the four refineries.

S-OIL (CEO Anwar Al-Hiziazi) showed gasoline prices increased by 4.7 won to 1,484.0 won, and diesel prices increased by 2.0 won to 1,284.9 won.

SK Energy (CEO Cho Kyung-mok), the lowest-priced oil company, recorded KRW 1,479.6 for gasoline, down 22.5 won from the previous week, and KRW 1,280.3 for diesel, down 21.1 won from the previous week.

Meanwhile, in the first week of June, international oil prices rose due to factors such as the extension of OPEC+ production cuts, Saudi Arabia’s announcement of additional production cuts, a decrease in US weekly crude oil inventories, and an upward revision of the OECD’s 2023 global economic growth forecast.

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