SEOUL, Feb. 5 (Korea Bizwire) – Retail oil prices in South Korea rose for the 27th week in a row this week in line with a hike in global crude oil prices, recording the longest run ever, data showed Saturday.
The average gasoline price nationwide was 1,559.6 won (US$1.43) per liter in the fifth week of January, edging up 4.3 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. (KNOC).
Diesel prices also gained 5.5 won to 1,354.5 won per liter to advance for 28 consecutive weeks, extending the longest rally.
Gasoline prices in the capital city of Seoul were the highest at an average 1,651.8 won per liter, 92.1 won more than the national average.
The KNOC expected domestic oil prices to increase for a while due to the weakening U.S. dollar and a production cut by major producers led by the Organization of the Petroleum Exporting Countries and Russia. The supply cuts, scheduled to last throughout this year, are aimed at tightening the market to prop up prices.