Gasoline Prices Fall for 11 Consecutive Weeks... Diesel Hits 1,100 Won Level

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for 11 consecutive weeks. The production cut agreement by OPEC+, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and Russia, is facing difficulties, so gasoline prices are expected to continue declining for the time being.

According to Opinet, the oil price information service of the Korea National Oil Corporation, on the 11th, the nationwide gasoline retail price for the second week of April recorded 1,357.3 KRW per liter, down 34.3 KRW from the previous week.

The lowest gasoline price was in Daegu, falling to 1,298.9 KRW per liter. On the other hand, the highest price regions, Seoul and Jeju, remain above 1,400 KRW, with Seoul at 1,448.0 KRW.

By brand, SK Energy was the most expensive at 1,368.9 KRW, while self-branded gas stations were priced at 1,333.4 KRW.

The nationwide diesel price at gas stations also fell by 33.6 KRW from the previous week to 1,164.2 KRW.

The Korea National Oil Corporation explained, "Although international oil prices rose due to expectations of OPEC+ production cut agreements, factors such as increased U.S. crude oil inventories limited the extent of the rise."

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