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Oil prices in S. Korea rise for 22 consecutive weeks

All News 11:16 December 30, 2017

SEOUL, Dec. 30 (Yonhap) -- Retail oil prices in South Korea rose for 22 weeks in a row this week in line with a hike in global crude oil prices following an explosion at major pipeline in Libya, data showed Saturday.

The average gasoline price nationwide was at 1,543.1 won (US$1.44) per liter in the fourth week of December, edging up 1.6 won from a week earlier, according to the data provided by the state-run Korea National Oil Corporation (KNOC).

Diesel prices also gained 1.6 won to 1,335.2 won per liter, advancing for 23 consecutive weeks.

Gasoline prices in the capital city of Seoul were the highest at an average 1,637.7 won per liter, 94.7 won more than the national average.

The KNOC expected domestic oil prices to increase for a while on reduced oil inventory in the United States and explosion of oil pipeline in Libya's biggest export terminal earlier this week, pushing up oil prices to near the highest level in more than two years.


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