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Oil prices in S. Korea rise for 25 consecutive weeks

Retail oil prices in South Korea rose for the 25th week in a row this week in line with a hike in global crude oil prices, caused by an output cut by major producers, data showed Saturday.

The average gasoline price nationwide was 1,551.5 won (US$1.45) per liter in the third week of January, edging up 3.6 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. (KNOC).

Diesel prices also gained 4.1 won to 1,344.4 won per liter, advancing for 26 consecutive weeks.

Gasoline prices in the capital city of Seoul were the highest at an average 1,644.8 won per liter, 93.4 won more than the national average.

The KNOC expected domestic oil prices to increase for a while due to 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.