Gasoline Prices Fall for 12 Consecutive Weeks... Nationwide Average 1,330.8 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 Moon Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Due to the novel coronavirus disease (COVID-19) and the sharp drop in international oil prices, gasoline prices at gas stations nationwide have fallen for 12 consecutive weeks.

According to the Korea National Oil Corporation's oil price information service Opinet on the 18th, the nationwide gasoline price at gas stations in the third week of April was 1,330.8 won per liter (ℓ), down 26.5 won from the previous week.

Seoul, the region with the highest gasoline prices nationwide, saw a decrease of 24.8 won to 1,423.0 won, while Daegu, the cheapest region, dropped 19.2 won to 1,279.7 won.

By brand, SK Energy gas stations had the highest gasoline price at 1,342.7 won, while self-branded gas stations had the lowest at 1,304.9 won.

The nationwide diesel price at gas stations was 1,138.9 won, down 25.3 won from the previous week. The decline in diesel prices also narrowed to the 20-won range this week.

Meanwhile, international oil prices, which had slightly risen last week, fell again. The price of Dubai crude oil, the benchmark for crude oil imported into Korea, dropped 3.3 dollars to 20.8 dollars per barrel compared to the previous week.

The Korea National Oil Corporation explained, "International oil prices fell due to factors such as an increase in U.S. crude oil inventories and downward revisions of global oil demand forecasts by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC)."

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