Gasoline Prices at Gas Stations Fall for the First Time in Two Months... Decline Margin Remains 'Stagnant'

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide have fallen for the first time in two months. However, the decline was less than 1 won, so the price change was virtually negligible.

According to the Korea National Oil Corporation's oil price information service Opinet on the 1st, the weekly gasoline retail price at gas stations nationwide in the fifth week of July recorded 1,361.0 won per liter, down 0.1 won from the previous week.

Gasoline prices had been falling since the end of January this year but started rising continuously from mid-May, about four months later. However, the rate of increase has recently slowed, with last week's increase limited to less than 1 won, and this week turning to a decline of less than 1 won, showing a stable trend.

The most expensive gasoline price was in Seoul, which fell 0.1 won from last week to 1,454.6 won per liter. The lowest price region, Daegu, saw a 0.9 won decrease to 1,336.4 won per liter.

By brand, Altteul Gas Station gasoline was the cheapest at 1,329.9 won per liter, while SK Energy gasoline was the most expensive at 1,369.1 won per liter.

This week's diesel retail price also fell 0.1 won from last week to 1,163.5 won per liter.

Domestic fuel prices reflect international oil price fluctuations with a 2 to 3 week lag, and since recent international oil prices have not changed significantly, the industry expects fuel prices to remain stable without large fluctuations for the time being.

The Korea National Oil Corporation explained, "International oil prices are showing weakness due to poor U.S. economic indicators," and added, "Factors such as the U.S. Federal Reserve's decision to hold interest rates steady also played a role in limiting price increases."

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