National Average Gasoline Price Drops to 1,350 Won Range... Seoul Average at 1,454.9 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] The nationwide gasoline price at gas stations has dropped to the 1,350 KRW range. After fluctuating in the 1,300 KRW range for seven consecutive weeks since the third week of July, the recent decline in international oil prices is believed to have caused a slight drop in gasoline prices at gas stations.

According to the Korea National Oil Corporation's oil price information service OPINET on the 11th, the weekly gasoline retail price at gas stations nationwide in the second week of this month was 1,359.1 KRW per liter, down 1.4 KRW from the previous week.

The most expensive gasoline price at gas stations in Seoul was 1,453.9 KRW per liter, down 2.1 KRW from the previous week, while the cheapest in the Daegu region was 1,329.0 KRW, down 3.3 KRW from the previous week.

By brand, the cheapest gasoline price was recorded at Altteul Gas Stations at 1,329.4 KRW per liter, while SK Energy was the most expensive at 1,366.4 KRW.

In addition, the nationwide diesel price at gas stations was recorded at 1,161.2 KRW per liter, down 1.7 KRW from the previous week.

The decline in international oil prices, which is usually reflected in domestic gas station retail prices with a lag of 2 to 3 weeks, influenced the drop in gasoline prices. Dubai crude oil, which serves as the benchmark for crude oil imported into Korea, was $40.3 in the second week of September, down $4.4 from the previous week.

The Korea National Oil Corporation explained, "This week, international oil prices are on a downward trend due to factors such as the U.S. Senate's rejection of additional economic stimulus, an increase in U.S. crude oil inventories, and the EIA's downward revision of the 2020 oil demand growth forecast."

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