Gasoline Prices Drop Sharply... Nationwide Average 1,354.0 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide are showing a downward trend.

According to the Korea National Oil Corporation's oil price information service Opinet on the 19th, the nationwide gasoline retail price for the third week of September recorded 1,354.0 KRW per liter, down 5.1 KRW from the previous week.

This is different from the recent stable gasoline prices. Nationwide gasoline prices showed a flat trend, fluctuating within 1 KRW for seven consecutive weeks from the third week of July to the first week of September.

The average diesel retail price for the third week of September also showed a similar trend, recording 1,155.9 KRW per liter, down 5.3 KRW from the previous week.

By region, the highest gasoline price in Seoul dropped 6.3 KRW from the previous week to 1,446.8 KRW per liter. This is 92.8 KRW higher than the national average price. The lowest gasoline price was in Daegu, at 1,318.5 KRW per liter.

By brand, the average gasoline price at Altteul gas stations was the lowest at 1,325.2 KRW per liter. The most expensive gasoline price was at SK Energy gas stations, at 1,361.4 KRW per liter.

This week, the international oil price based on Dubai crude was $40.3 per barrel, up $0.1 from the previous week.

The Korea National Oil Corporation stated, "The Federal Reserve's decision to keep the base interest rate unchanged and the decrease in crude oil inventories are upward factors, while the downward factors include the downward revision of the 2020 oil demand growth forecast by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), as well as the possibility of lifting the blockade of oil facilities in Libya, resulting in a flat trend."

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