▲ A gas station in Seoul
Gasoline and diesel prices at gas stations in Seoul have risen again for the first time in a month as tensions in the Middle East have reignited.
According to Opinet, the Korea National Oil Corporation's oil price information system, the average price of gasoline at gas stations in Seoul was 1,912.5 won per liter as of 4:00 p.m. today (July 20), up 1.5 won from the previous day.
At the same time, the price of diesel rose 1.2 won from the previous day to 1,891.2 won.
This marks the first time in a month that fuel prices in Seoul have increased compared to the previous day, following the trends seen on June 19 for gasoline and June 20 for diesel.
As of 4:00 p.m. today, the national average price for gasoline is 1,873.1 won (down 0.3 won), and the price for diesel is 1,857.5 won (down 0.2 won).
Although these figures are slightly lower than the previous day, the pace of decline has noticeably slowed over the past month, leaving open the possibility of a return to an upward trend.
The stagnation or rebound in domestic fuel prices is attributed to the deterioration of the situation in the Middle East this month, which had previously eased following the signing of a memorandum of understanding (MOU) between the United States and Iran last month.
International oil prices are surging again as the United States and Iran have effectively scrapped the MOU and engaged in armed conflict following disputes over control of the Strait of Hormuz.
Yesterday, the price of Brent crude futures for September delivery, a global benchmark for oil prices, jumped 3.12% from the previous trading day to trade at 90.85 dollars per barrel.
This is the first time since June 11 that the price of Brent crude has exceeded 90 dollars per barrel.
(Photo: Yonhap News)
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