International oil prices rise due to increased geopolitical risks in the Middle East… “Short-term volatility increases”
Weekly average selling price of gasoline is 1,592 won… Diesel 1,422 won
Gas prices at gas stations across the country have rebounded, breaking an 11-week downward streak. This is the effect of international oil prices, which have been on the rise since late last month due to the intensification of the conflict between Iran and Israel, reflected in domestic prices. Domestic gasoline and diesel sales prices are expected to remain strong until next week.
According to Korea National Oil Corporation’s oil price information service Offinet on the 19th, the average selling price of gasoline as of the third week of October was 1,591.6 won per liter (L), up 6.1 won from the previous week. The selling price of diesel rose 4.9 won to 1,421.5 won.
It has been 12 weeks since the 5th week of July that gasoline and diesel prices turned upward at the same time.
The average selling price by brand for gasoline was the cheapest at thrifty gas stations at 1,561.6 won, and SK Energy gas stations were the most expensive at 1,600.9 won. For diesel, the average price at thrifty gas stations was the lowest at 1,395.0 won, and SK Energy gas stations had the highest at 1,431.1 won.
As of the second week of October, the price of gasoline supplied by oil refineries was 1,518.3 won per liter, up 26.1 won from the previous week, and that of diesel was 1,348.8 won, up 46.1 won from the previous week.
Gas station gas prices are expected to continue rising until next week. International oil prices are usually reflected in domestic prices after 2-3 weeks, but international oil prices have recently risen significantly due to the Iran-Israel conflict and the aftermath of Hurricane Milton‘s landing in the United States.
However, due to the growing uncertainty of the Middle East situation, international petroleum product prices may fluctuate repeatedly in the short term, which is expected to have an impact on domestic prices. International oil prices rose significantly in the second week of October, but fell again in the third week as expectations emerged that Israel would not attack Iranian oil and nuclear facilities.
The international oil price per barrel (Dubai oil) this week was $75.0, down $3.1 from the previous week. The international gasoline price (92RON) is $79.8, down $3.0 from the previous week, and the international diesel price (0.001% sulfur content) is $87.5, down $4.0 from the previous week.
An official from the Korea Petroleum Association said, “As the uncertainty of the international situation increases, the volatility of international oil prices has also increased. Domestic prices will show a strong strengthening until next week, but it is difficult to predict the price direction after that, so we are keeping an eye on the trends in international oil prices.” He said.
(Seoul = News 1)