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Retail oil prices in S. Korea up for 18th straight week

All News 09:46 December 02, 2017

SEOUL, Dec. 2 (Yonhap) -- Retail oil prices in South Korea rose for the 18th consecutive week during the final week of last month in line with a hike in global crude oil prices, data showed Saturday.

The average gasoline price nationwide was at 1,532.2 won (US$1.41) per liter in the fifth week of November, edging up 5.4 won from a week earlier, according to the data compiled by the state-run Korea National Oil Corp. (KNOC).

The average diesel price also climbed 5.5 won on-week to 1,321.1 won per liter during the cited period, marking a 19-week gain streak, the data showed.

Gasoline prices in the capital city of Seoul were the highest at an average of 1,633.5 won per liter, 101.4 won more than the national tally.

The KNOC forecasts domestic oil prices to rise for a while, taking a cue from a surge in global oil prices on reduced production and a weak dollar.


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