Gasoline Prices Fall for the First Time in 10 Weeks... Nationwide Average at 1,570 Won per Liter

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide fell for the first time in 10 weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 1st, the nationwide gasoline retail price at gas stations in the fifth week of January recorded 1,570.0 KRW per liter, down 1.1 KRW from the previous week. Diesel prices also dropped 1.8 KRW to 1,398.6 KRW per liter.

By region, Seoul's gasoline price was the highest nationwide at 1,644.5 KRW per liter, down 2.3 KRW from the previous week. Busan recorded the lowest price at 1,545.0 KRW.

By brand, SK Energy's gasoline was the highest at 1,582.0 KRW per liter, while budget gas stations' gasoline was the lowest at 1,545.7 KRW per liter. For diesel, SK Energy recorded 1,410.9 KRW per liter, and budget gas stations recorded 1,377.3 KRW per liter.

The Korea National Oil Corporation stated, "The decline was due to concerns over the global economic growth slowdown caused by the novel coronavirus infection and an increase in U.S. crude oil inventories."

This content was produced with the assistance of AI translation services.