Gasoline, diesel prices rise for 4th straight week amid tight supply

SEOUL, June 4 (Yonhap) -- The weekly average prices of gasoline and diesel in South Korea both climbed for the fourth consecutive week on a continued energy crunch around the world, industry data showed Saturday.

The average retail price of gasoline stood at 2,013 won per liter from May 29-June 2, up 19.3 won from a week ago, according to Opinet, a website operated by the state-run Korea National Oil Corp.

In Seoul, where oil prices are usually higher than other regions, the average retail price of gasoline hit 2,087.2 won per liter this week, up 23.2 won from a week earlier.

The average retail price for gas in Daegu, the lowest across the country, rose 21.9 won to 1,988.3 won per liter.

The local price of gasoline has been on the rise since the second week of May.

The price hike is primarily attributed to Russia's invasion of Ukraine, which led to Western economies' trade sanctions against Russia.

The average retail price of diesel fuel stood at 2,008.4 won per liter this week, up 8.1 won from a week ago.

The diesel price has hovered in the 2,000 won range since it surpassed that level for the first time May 24, about two weeks after it outstripped the price of gas for the first time in 14 years. In South Korea, diesel is normally cheaper than gas.

Industry watchers said the prices of gas and diesel are likely to continue going up, in line with the global oil price hike.

jwc@yna.co.kr
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