Gas prices continue to rise for four consecutive weeks

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Gas prices continue to rise for four consecutive weeks

Gas prices are still going up.

According to the Korea National Oil Corporation (KNOC) on Sunday, the average price at gas stations nationwide from May 17 to Saturday was 1,550.9 won ($1.41) per liter, a rise of 18.7 won or 1.2 percent from a week earlier.

The region with the most expensive prices was Seoul, with an average price of 1,647 won per liter, while prices in most parts of the country were around 1,500 won per liter.

Due to a fall in international oil prices that started in June, the average gas price fell from 1,800 won to 1,439 won per liter in February, but prices started bouncing back along with international price rises.

Dubai oil, which was $45 per barrel in January, rose to $63 per barrel recently. KNOC said that gas prices are likely to continue rising since the increase in international prices has not yet been fully reflected by the local market.

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