Domestic Gas Prices Defy International Oil Price Surge
Gas prices at domestic gas stations in South Korea have fallen for the 17th consecutive week, despite international oil prices rising sharply. According to the Korea National Oil Corporation's Opinet system, the average sales price of gasoline nationwide was 1859.1 won per liter, down 1.1 won from the previous week.
The government's highest price system for petroleum products has been in effect since August 21, capping prices at 1,784 won per liter for gasoline and 1,773 won for diesel. The 10th highest price will be announced later this month.
International petroleum product prices have risen due to concerns over the spread of armed conflict in the Middle East and disruptions in crude oil shipments. Dubai crude, the benchmark for domestic crude oil prices, jumped $14.4 a week to $114.7 a barrel.