Gasoline Prices Drop for 16 Consecutive Weeks... Nationwide Average 1,249 Won

On the 10th, at a gas station in Eunpyeong-gu, Seoul, where the nationwide gasoline price has fallen for 15 consecutive weeks, gasoline is being sold at 1,184 KRW per liter and diesel at 1,018 KRW per liter, with the gasoline price recording the 1,250 KRW range per liter. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for 16 consecutive weeks.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the weekly gasoline price at gas stations nationwide in the second week of this month was 1,249.3 KRW per liter, down 8.4 KRW from the previous week.

By region, gasoline prices at Daegu gas stations dropped by 4.7 KRW to 1,206.8 KRW, marking the lowest price. Seoul recorded the highest price at 1,341.6 KRW, down 8.1 KRW. Among the regions, Seoul was the only one to maintain prices in the 1,300 KRW range.

By brand, the cheapest gasoline price was at Altteul gas stations at 1,219.1 KRW, while SK Energy was the most expensive at 1,261.3 KRW.

Diesel prices also fell by 8.3 KRW from the previous week to 1,060.5 KRW.

Although international oil prices have risen, they still hover below $30. The price of Dubai crude, which serves as the benchmark for crude oil imported into Korea, rose by $1.8 to $27.6 per barrel compared to the previous week. Since the fifth week of April, prices have been rising for two consecutive weeks and are expected to soon affect domestic gas station prices.

The Korea National Oil Corporation explained, "International oil prices rose due to additional production cut plans by major oil-producing countries and the International Energy Agency (IEA)'s upward revision of this year's oil demand forecast."

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