Gasoline Prices Fall for 9 Consecutive Weeks... Decline Widens Compared to Previous Week

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 the Korea National Oil Corporation, the average gasoline price at gas stations nationwide was 1,508.02 KRW per liter at 1 PM that day, an increase of more than 11 KRW compared to the previous day. The photo shows a gas station in downtown Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for nine consecutive weeks. The impact of the sharp drop in international oil prices continues, with the decline even larger than last week's steep fall.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide gasoline retail price in the fourth week of March recorded 1,430.5 KRW per liter, down 41.8 KRW from the previous week. The decline was larger than last week's 31.6 KRW drop. The average diesel retail price also fell by 45.3 KRW from the previous week to 1,237.4 KRW per liter.

By region, gasoline prices in Seoul were the highest nationwide at 1,524.2 KRW per liter, down 35.7 KRW from the previous week. Daegu had the lowest gasoline price at 1,373.9 KRW per liter, down 52.2 KRW.

By brand, self-branded gas stations had the lowest average gasoline price at 1,409.6 KRW per liter. Discount gas stations were similar at 1,411.4 KRW per liter. The most expensive gasoline price was at SK Energy gas stations, at 1,443.1 KRW per liter.

For diesel, SK Energy gas stations had the highest price at 1,250.7 KRW per liter, while discount gas stations recorded the lowest at 1,217.2 KRW.

A Korea National Oil Corporation official analyzed that the decline was due to concerns over economic recession caused by COVID-19 and the outlook for reduced oil demand.

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