Gasoline Prices Fall for 8 Consecutive Weeks... Reflecting Plunge in International Oil Prices to 1,472.3 Won

On the first day of the expiration of the temporary fuel tax reduction measure, gasoline prices nationwide rose simultaneously on the 1st. According to Opinet, the oil price information service of Korea National Oil Corporation, the average gasoline price at gas stations nationwide at 1 p.m. that day was 1,508.02 KRW per liter, up more than 11 KRW from the previous day. The photo shows a gas station in downtown Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Due to the impact of the novel coronavirus disease (COVID-19) outbreak and the plunge in international oil prices, gasoline prices at gas stations nationwide have continued to decline for the eighth consecutive week. In particular, this week's drop is the largest in over five years since January 2015, excluding the fuel tax reduction measure implemented in November 2018.

According to the Korea National Oil Corporation's oil price information service Opinet on the 21st, the weekly nationwide gasoline price at gas stations in the third week of this month was 1,472.3 KRW per liter, down 31.6 KRW from the previous week.

The highest price region, Seoul, recorded a gasoline price of 1,559.9 KRW, down 25.8 KRW from the previous week. The lowest price region, Daegu, saw a gasoline price of 1,426.1 KRW, down as much as 41.9 KRW from the previous week.

Diesel prices also fell by 36.4 KRW to 1,282.7 KRW compared to the previous week. Diesel prices began to decline a week earlier than gasoline and have been falling for nine consecutive weeks.

Changes in international oil prices are usually reflected domestically with a time lag of 2 to 3 weeks. The impact of the global spread of COVID-19 and the international oil price plunge caused by the conflict between Saudi Arabia and Russia has begun to appear in earnest from this week.

The Korea National Oil Corporation explained, "International oil prices fell due to Saudi Arabia's announcement of plans to increase crude oil supply and exports, as well as an increase in U.S. crude oil inventories."

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