"Filling Up Feels Scary": Gasoline Prices at Gas Stations Rise for 6 Straight Weeks

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[Financial News] Driven by the fallout from the war between the United States and Iran, the weekly average prices of gasoline and diesel at domestic gas stations have continued to rise together for six consecutive weeks.
According to Opinet, the oil price information system run by KNOC, the nationwide average selling price of gasoline at gas stations in the first week of May, from the 3rd to the 7th, rose 2.6 won from the previous week to 2,011.2 won per liter.
By region, Seoul, where prices are highest, was up 3.0 won from the previous week to 2,051 won. Daegu, where prices are lowest, rose 2.2 won to 1,995.8 won.
By brand, SK Energy gas stations posted the highest average price at 2,016.8 won, while budget gas stations recorded the lowest at 1,993.6 won. The average diesel selling price also rose 2.6 won from the previous week to 2,005.4 won.
International oil prices fell this week on hopes of progress in a ceasefire agreement between the United States and Iran. However, the decline was limited by reports of armed clashes between the two countries.
Dubai crude oil, the benchmark for imported crude, fell $4.8 from the previous week to $102.7. International gasoline prices rose $2.1 to $131.8, while international diesel for vehicles fell $15.4 to $157.
Changes in international oil prices are reflected in domestic gas station prices with a lag of about two to three weeks. As a result, the recent drop in global oil prices could be passed on to domestic gasoline and diesel prices in the coming weeks.
\r\nMeanwhile, the sharp rise in oil prices was driven by major turbulence in the international crude market caused by military conflict involving the United States, Israel and Iran. In particular, tensions around the Strait of Hormuz, through which about 20% of the world's crude oil shipments pass, pushed global oil prices sharply higher and led to increases in domestic petroleum product prices.
\r\nMore recently, however, global oil prices have shown signs of easing as the possibility of ceasefire talks between the United States and Iran has emerged. Dubai crude has recently fallen to around $102 per barrel, but market participants say it will take considerable time for domestic oil prices to stabilize unless tensions in the Middle East are fully resolved.
\r\nThe government is considering response measures such as extending the fuel tax cut and maintaining price caps, but market anxiety does not appear to be easing anytime soon.
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soup@fnnews.com Im Su-bin Reporter