Photo : YONHAP News
The average prices of gasoline and diesel both increased after falling for eleven consecutive weeks.
According to the Korea National Oil Corporation’s(KNOC) price information system Opinet on Saturday, the average price of gasoline rose six-point-two won on-week to one-thousand-591-point-six won per liter, or one U.S. dollar and 16 cents, in the third week of October.
The average price of diesel also surged four-point-nine won to one-thousand-421-point-five won per liter.
Global oil prices fell this week following foreign media reports that Israel is not expected to strike petroleum and nuclear facilities in Iran amid the ongoing conflicts in the Middle East.
The Dubai crude, which serves as South Korea’s benchmark, dropped three-point-ten cents from last week to 75 dollars per barrel.
While changes in international oil prices are usually reflected in domestic gas prices after about two to three weeks, an official at the KNOC expected a moderate rise in domestic prices next week.