Gasoline Prices Drop for 3 Consecutive Weeks... Nationwide Average 1,552.6 Won

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for three consecutive weeks. It is interpreted that the decline in international oil prices last month was reflected belatedly, causing gasoline prices to drop for the third week in a row.

According to the Korea National Oil Corporation's oil price information service Opinet on the 15th, the domestic gasoline retail price at gas stations in the second week of February 2020 recorded 1,552.6 won per liter (L), down 10.7 won from the previous week. Diesel prices fell 12.2 won during the same period to 1,379 won.

By region, gasoline prices in Seoul dropped 10.2 won to 1,627.1 won, remaining the most expensive nationwide. Busan recorded the lowest price at 1,520.0 won, down 17.5 won.

By brand, the most expensive gas stations were SK Energy at 1,564.1 won, while self-branded gas stations were the cheapest at 1,529.7 won.

The Korea National Oil Corporation explained, "International oil prices showed a slight downward trend due to mixed factors, including an increase in crude oil production cuts by the Organization of the Petroleum Exporting Countries (OPEC) as an upward factor and an increase in U.S. crude oil inventories as a downward factor."

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