Stable Gasoline Prices Maintained... Nationwide Average 1317.4 Won

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide are stabilizing this week.

According to the Korea National Oil Corporation's oil price information service Opinet on the 21st, the nationwide gasoline retail price for the third week of November was 1,317.4 KRW per liter, down 0.9 KRW from the previous week. Gasoline prices have fallen for 13 consecutive weeks since the end of July, with the rate of decline gradually decreasing.

Seoul, the region with the highest prices, saw a decrease of 0.7 KRW to 1,406.8 KRW per liter, which is 89.4 KRW higher than the national average. Daegu, the region with the lowest prices, recorded 1,283.8 KRW per liter, down 0.2 KRW.

By brand, SK Energy gas stations had the highest average gasoline price at 1,326.7 KRW per liter, while Altteul gas stations were the cheapest at 1,285.8 KRW per liter.

The nationwide diesel price at gas stations fell by 1.0 KRW to 1,117.3 KRW per liter. The decline in diesel prices also narrowed from 4.2 KRW last week to 1.0 KRW this week.

International oil prices remained steady this week. The price of Dubai crude, the benchmark for oil imported into Korea, rose by 1.0 USD to 43.9 USD per barrel compared to last week. Dubai crude prices had been around 38 to 39 USD from October through the first week of this month, but recovered to the 40 USD level starting last week.

The Korea National Oil Corporation explained, "International oil prices are steady due to a combination of downward factors such as increased US oil drilling rigs and continued increases in Libyan oil production, and upward factors including vaccine development progress and increased crude oil consumption in China."

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