Gasoline Prices Fall for 7 Consecutive Weeks... Drop Following Saudi Production Increase Announcement

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices sold at gas stations nationwide have fallen for seven consecutive weeks. Concerns over demand contraction due to the novel coronavirus disease (COVID-19) outbreak, combined with Saudi Arabia's decision to increase production, have significantly driven down gasoline prices.

According to the Korea National Oil Corporation's oil price information service Opinet on the 14th, the retail gasoline price at domestic gas stations in the second week of March 2020 recorded 1,503.8 won, down 15.7 won from the previous week. During the same period, diesel prices fell by 18.9 won to 1,319.1 won.

The region with the highest gasoline price was Seoul, recording 1,585.7 won. In contrast, Daejeon had the lowest price at 1,466.8 won.

By brand, the most expensive was SK Energy at 1,515.6 won, while the cheapest was self-branded at 1,479.2 won. For diesel, SK Energy was the most expensive at 1,331.8 won, and self-branded was the lowest at 1,292.4 won.

The Korea National Oil Corporation explained, "Gasoline prices fell due to indications of increased production by major oil-producing countries such as Saudi Arabia, UAE, and Russia."

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