Pump prices increase for eighth week

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Pump prices increase for eighth week

Gasoline prices have been on the rise for the past eight weeks in tandem with climbing international oil costs, Korea National Oil reported Saturday.

The average retail price of gasoline last week was 11.1 won per liter more than a week earlier at 1,932.5 won ($1.70). Diesel and kerosene prices also advanced 9.6 won and 3.3 won from the previous to 1,729.5 won and 1,357.9 won.

By region, gasoline prices in Seoul were most expensive at 2,021.7 won per liter, followed by Jeju at 2,002.7 won, Gyeonggi at 1,943.7 won, Sejong at 1,936.7 won and South Chungcheong at 1,934.7 won. North Gyeongsang drivers were paying the lowest price of any region in the country at 1,909.9 won.

By gas station brand, SK Energy carried the highest price tag at an average of 1,946.87 won per liter, followed by GS Caltex, Hyundai Oilbank and S-Oil.

At altteul, or “thrifty,” gas stations that provide cheaper gas based on bulk sales, gasoline averaged 1,904.91 won per liter last week.

Signs of an improving U.S. economy helped push the international price of oil to the highest level in 16 months Friday. Oil rose to $109.32, the highest price since March 1, 2012, before pulling back.

Benchmark crude for August delivery rose 1 cent to close at $108.05 a barrel on the New York Mercantile Exchange on Saturday. Oil gained $2.10 a barrel last week.

BY SEO JI-EUN, AP [spring@joongang.co.kr]

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