Domestic gasoline prices have risen for the fifth straight week, approaching 16-hundred won per liter.

According to Opinet, a Web site on oil price information run by the Korea National Oil Corporation, the price of regular gasoline sold at gas stations nationwide rose by an average 13 won to over one-thousand-590 won per liter in the fourth week of May.

The price has been rising since the third week of April and it's the highest level in nearly three and a half years since the end of 2014. 

Compared to the lowest level in the past three years recorded in March 2016 when the average gasoline price was about one-thousand-340 won, the cost has soared 18-point-six percent.

Gasoline prices rose for a record 29 consecutive weeks until the second week of February early this year. Then prices declined through the third week of April after which the increase resumed.

The price of diesel oil for cars and of kerosene also continued steep growth in past weeks to reach new highs this year.

This week, the price of diesel rose 13-point-six won to one-thousand-390-point-nine won while kerosene sold at 923-point-nine won, up six-point-nine won from last week.

The National Oil Corporation said that the rise in domestic prices is expected to continue for the time being as global oil costs are on the increase due to geopolitical risks over Iran and Venezuela and setbacks in Nigeria's crude oil exports.